What is a rate lock? How does it work? Do you really “lock” your rate? What happens if the lock expires? Your lender should have the answers to these questions. Naturally, ours does.
0:34 – A rate lock locks an interest rate. It requires 3 things: a borrower, a property, and a mortgage program.
1:01 – Can I lock a rate for a long time? Like 6 months? Yes, but there’s a cost because lenders want to make interest on their money — they’ll make money on a different borrower.
2:05 – What happens when your lock expires? You pay to maintain the lock, or you let it go. Construction is tough…there can be delays.
2:39 – What’d we learn today?
4:17 – Bloopers
*No rates were harmed in the filming of this real estate discussion.
Please contact us to tell us you love us, you want to hire us! Call or text:
Realtors with Hive Collective at Presidio Real Estate:
Tyler Cazier: 801-210-0230
Aric Wiszt: 801-228-7687
Lender with Elite Team at Security Home Mortgage:
NMLS: 178787
Jason Christiansen: 801-669-7271
NMLS: 240472
A Production with Security Home Mortgage’s Jason Christiansen, and Hive Collective at Presidio’s Tyler Cazier and “Mr. Suit” Aric Wiszt.