Skip to main content

Is It Possible to Lock In a Mortgage Rate?

After multiple years of stable mortgage interest rates, 2022 has ushered in a much more unstable rate situation. It has not been uncommon for the interest rate at the start of the loan process to be different from the interest rate at the loan closing, in many cases increasing.

To contest this uncertainty, locking your interest rate is a valuable tool for the home buyer. Once the loan is approved, an interest rate can be locked in for up to 45 days – in some cases longer. Locking the rate protects the buyer in a rising rate environment, however, in a falling rate environment locking your rate may be a disadvantage.

To determine what is best for your situation, discuss it with your loan officer.

While we trust you’ll find value in this content, it’s important to view it as a starting point. For personalized guidance tailored to your unique circumstances, we strongly advise consulting with a qualified professional who holds the necessary licenses. This article, along with any associated resources, should not be interpreted as legal or financial advice. While efforts were made to ensure accuracy at the time of preparation, we cannot guarantee its current relevance.

Citizens National Bank does not warrant or represent the accuracy, applicability, completeness, or suitability of the information provided. Citizens National Bank explicitly disclaim any responsibility for the use or misuse of these materials. By accessing this site, you agree to absolve Citizens National Bank from any associated liabilities. Exercise caution and seek professional advice before making any financial or legal decisions based on the information provided here.

View More Articles

Julie Harris

Chat Online