Rocket Mortgage Rate Lock

Some borrowers decide to lock a rate with lender 1 and let their rate float with lender 2.

Rocket mortgage rate lock. A rate lock is a guarantee assuring that a mortgage lender will honor a specified interest rate at a specific cost for a set period. The benefit of a mortgage rate lock is that it protects the. The borrower pays a fee for the option to lower the rate lock on the mortgage. A mortgage rate lock protects you from costly fluctuations and freezes your interest rate while you close on your refinance.

2 participation in the verified approval program is based on an underwriter s comprehensive analysis of your credit income employment status debt property insurance appraisal and a satisfactory title report search. Yes you can lock in a mortgage rate with more than one lender. For instance if you lock in your rate and interest rates go up during your lock period you get to keep your lower rate. The exact lock period varies based on your loan type where you live and the lender you choose.

If the rate lock expires before your loan closes you may have the option to pay a fee to extend the lock period. If new information materially changes the underwriting decision resulting in a denial of your credit request if the loan fails to close for a reason outside of quicken. Ready to start the home buying process on the right foot and move forward with confidence. Interest rates are always changing and your mortgage rate is a big part of how affordable your monthly payments ultimately end up being.

The lock period for your rate is 40 days. A rate lock agreement is a guarantee that the rate you re given for your loan will stay the same until closing regardless of market movement. The most accurate way to see what your rate could be is to speak with a home loan expert or apply online with rocket mortgage. Most rate locks have a lock period of 15 to 60 days.

A guide to the mortgage rate lock refinancing 4 minute read september 02 2020 mortgage interest rates can fluctuate rapidly they move up and down from day to day and even from hour to hour. How to know what your mortgage rate will be. How does a mortgage rate lock work. If ltv 80 pmi will be added to your monthly mortgage payment with the exception of military va loans.

When you lock your rate it ll be locked for a specified period of time. Here s what their rate lock float down option may look like. With rocket mortgage. They offer a broad selection of purchase and refinance loan options.

The rate lock for the mortgage is 4 25 for 30 years. Float down rate lock available. Quicken loans powered by its rocket mortgage product is a leading online mortgage lender.