In most cases, the mortgage rates you are quoted prior to application represent the terms available at the time of the quote. Rates are unpredictable, so once you have found the mortgage program and rate that is right for you, it’s a good idea to lock in your mortgage rate. This way you’ll have an estimated monthly payment and will know what interest rate to expect at closing.
Locking-in your mortgage rate protects you from increases in interest rates while your loan is in process, but it will also not allow you to benefit from any drops in interest rates. Standard lock-ins of 30, 45, or 60 days are common in a mortgage program 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 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 approval or 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.