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Matt the Mortgage guy here, Mortgage Monday’s, Episode 22, and I am talking Rate Lock.
I want to make a quick video about Rate Lock, and exactly what it means, the difference between Rate Lock and Rate quote, it’s a common misconception. Know that if you reach out to somebody for a rate quote on a re-finance or purchase, that it is only that. A snapshot in time today of today’s rates. This is what a loan would look like, this isn’t a guarantee that you know, tomorrow, next week, next month I can get you that specific rate. So what a rate lock is is you are getting a commitment from the lender to give you that specific rate for a period of time. Rate locks are general 15 days, 30 days, 45 days, 60 days and as you can imagine the longer that period is the more of a cost it is to you or a slightly worse rate to lock in for a longer period of time. It’s more risk to the lender, to tell you I can give you this 4% rate for 60 days when 15, 30, 45 days from now those rates can go up. But once you have got that rate lock in place you are guaranteed if you close within that period with that rate. Any questions as always feel free to reach out, Matt the Mortgage guy, Mortgage Monday’s. See you next week.

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This episode I talk about Rate Locks. The difference between a rate quote and a rate lock. #InterestRate #RateLock #RateQuote #DirectLender #SacramentoLender #SacramentoHomeLoan #CAhomeloans #SacramentoMortgage

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