Finance
If you are happy
with the interest
rate and payment
offered, then inform
your Home Loan
Officer that you
want to lock in your
loan as soon as
What’s the Skinny
possible.
on Interest Rates?

By: Jessica Peterson
When a Home Loan
residences. There are even different
When should I lock in
Officer quotes me an
interest rates for manufactured and
my interest rate?
interest rate, can it
modular homes.
LendingLadies.com prefers to have you
change?
b. When an interest rate is offered
lock in your interest rate once you have
to you, there are costs for each rate.
Yes! Not only can the interest rates
a property address for the new loan. For
These costs are usually known as
change daily but up to a few times in
example, if you are refinancing your
points or discount points. For example,
one day. The average time interest
current home, then lock in at the time
if you were quoted an interest rate of
changes is every 3 hours in a work day.
of an approval. If you are purchasing a
7% and then another interest rate of
The only way to guarantee your interest
property, then you lock in your interest
6.50%, the difference may be in the
rate is to have your Home Loan Officer
rate once you have an offer accepted
points or discount points on the Good
or their assistant lock it in.
on the home. When you look at locking
Faith Estimate.
in an interest rate, there is usually a
What can affect my
c. It also makes a difference if the home
timeframe that it is good for. This can
interest rate on my
is going to be your primary home or an
vary from 10 days to 60 days. It does
home?

investment.
cost you more money the longer the
a. There are different types of interest
interest rate is locked in. Your Home
rates for different types of homes:
Loan Officer will advise you and
condos, town-homes, single-family
answer any questions you may have
residences, or attached single family
about the right time to lock your rate.
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