Locking-in your rate protects you from increases in interest rates while you’re loan is in process but, it will also not allow you to benefit from any drops in interest rates. Lock-ins of 30, 45, 60 or 90 days are common and will depend on how long the loan process is anticipated to take and the desired closing date you discuss with your Mortgage Loan Originator.
You may lock in the interest rate and number of points at loan application, during the processing of the loan or when the loan is approved but prior to closing. It is important to recognize that a lock-in is not a loan commitment.
Whatever your home financing needs, Regions Mortgage is here to help you every step of the way. Please locate a Regions Mortgage Loan Originator or give us a call today at 1-877-536-3286 and we will be happy to assist you in selecting the right loan or answering any questions you may have.
