What happens when you lock in a mortgage interest rate?

Answer When a borrower locks a interest rate on a mortgage, he enters into an agreement with the lender that prohibits the lender from changing the interest rate for a set number of days while the borrowe... Read More »

Top Q&A For: What happens when you lock in a mortgage intere...

When you lock in an interest rate, how long is it good for?

Mortgage lenders typically offer borrowers rate-lock periods of either 30, 45, 60, 90 and 120 days for applications in progress. When a rate is locked, the lender will notify the borrower of the ra... Read More »

Who Do You Talk With to Get an Interest-Only Mortgage Changed to a Fixed Rate Mortgage?

Interest-only mortgages are considered to be one of the riskiest types of home loans on the market. If you have an interest-only loan, you can take the necessary steps to convert it into a fixed ra... Read More »

What is a mortgage interest rate?

The mortgage interest rate is the fee paid by the borrower monthly to borrow a set amount of funds. This fee is denoted by an percentage rate which is multiplied by the principle balance monthly to... Read More »

What is the prime mortgage interest rate?

The interest rate on prime mortgages is much lower than the rate on subprime loans. That's because people who qualify for prime mortgages have great credit scores and are less likely to default on ... Read More »