Getting a Low Interest Rate

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Locking It In

A rate "lock" or "commitment" is a promise from the lender to set a certain interest rate and a specific number of points for you for a certain period while your application is processed. This protects you from getting through your entire application process and discovering at the end that your interest rate has gone up.

Rate lock periods can be various lengths of time, anywhere from 15 to 60 days, with the longer ones generally costing more. You can get a longer period for your lock, but in doing so, will probably have a higher rate than you would with a shorter rate lock period

More Ways to Save on Interest

In addition to going with a shorter lock period, there are several ways you are able to get the lowest rate. The larger down payment you pay, the lower the interest rate will be, because you will have more equity from the start. You can pay points to bring down your rate over the term of the loan, meaning you pay more initially. To many people, this makes sense and is a good deal..

First National Bank can walk you through the pitfalls of getting a mortgage. Give us a call: (575)437-4880.