Rocket Mortgage Rate Lock

A rate lock is a guarantee assuring that a mortgage lender will honor a specified interest rate at a specific cost for a set period.

Rocket mortgage rate lock.

For instance if you lock in your rate and interest rates go up during your lock period you get to keep your lower rate. Float down rate lock available. The most accurate way to see what your rate could be is to speak with a home loan expert or apply online with rocket mortgage. If the rate lock expires before your loan closes you may have the option to pay a fee to extend the lock period.

Ready to start the home buying process on the right foot and move forward with confidence. The exact lock period varies based on your loan type where you live and the lender you choose. Yes you can lock in a mortgage rate with more than one lender. How does a mortgage rate lock work.

They offer a broad selection of purchase and refinance loan options. The lock period for your rate is 40 days. Interest rates are always changing and your mortgage rate is a big part of how affordable your monthly payments ultimately end up being. How to know what your mortgage rate will be.

Most rate locks have a lock period of 15 to 60 days. With rocket mortgage. 2 participation in the verified approval program is based on an underwriter s comprehensive analysis of your credit income employment status debt property insurance appraisal and a satisfactory title report search. That way if rates fall they have a.

A guide to the mortgage rate lock refinancing 4 minute read september 02 2020 mortgage interest rates can fluctuate rapidly they move up and down from day to day and even from hour to hour. When you lock your rate it ll be locked for a specified period of time. The rate lock for the mortgage is 4 25 for 30 years. Some borrowers decide to lock a rate with lender 1 and let their rate float with lender 2.

The borrower pays a fee for the option to lower the rate lock on the mortgage. After you provide. A mortgage rate lock protects you from costly fluctuations and freezes your interest rate while you close on your refinance. A rate lock agreement is a guarantee that the rate you re given for your loan will stay the same until closing regardless of market movement.

Here s what their rate lock float down option may look like. If new information materially changes the underwriting decision resulting in a denial of your credit request if the loan fails to close for a reason outside of quicken. Give us a call at 888 452 8179 to speak to a home loan expert.