Almega Group of Companies, Financial Planning Consultants, Plano, TX
Phone: 972-964-5100

Almega Mortgage

1800 Preston Park Blvd., Ste 145

Plano, TX  75093

Almega Mortgage

1800 Preston Park Blvd., Ste 145

Plano, TX  75093

What does it mean to lock the interest rate?

Mortgage rates can change from the day you apply for a loan to the day you close the transaction. If interest rates rise sharply during the application process it can increase the borrower’s mortgage payment unexpectedly. Therefore, a lender can allow the borrower to "lock-in" the loan’s interest rate guaranteeing that rate for a specified time period, often 30-60 days, sometimes for a fee.