What’s a Rate Lock & Why You Want It

What’s a Rate Lock & Why You Want It

In the fast-paced world of housing, things change. Sometimes, things can change by the hour – like mortgage rates. You could receive a mortgage rate quote, tour an open house, then check the rate again as you step out the front door only to find an entirely different number than before.

That’s why rate locks are so important. Simply put, a rate lock guarantees your rate won’t change for a period of time, so long as you close on a home within the specified time frame and there are no changes to your loan application, such as loan-to-value (LTV), loan amount, credit score, etc.

While rate lock time frames can typically range from 30-60 days, working with Atlantic Coast Mortgage (ACM) means you may qualify for up to 180-days in some circumstances.* Leveraging this rate lock strategy, means you’re trading a variable for peace of mind.

At Atlantic Coast Mortgage, we'll not only help you navigate the mortgage process, but also help you understand the various eligibility requirements and loan opportunities available to meet your specific situation, homebuying needs, and financial goals. Still, have questions? Reach out today!

*Lock options are subject to borrower and property eligibility. An upfront fee is required at the time of lock-in and applied to closing costs for all long-term rate lock opportunities. If the borrower does not close with Atlantic Coast Mortgage, LLC under the program locked, they forfeit this fee and it will not be refunded. Not all applicants will qualify. Advertised rates, fees, and program guidelines are subject to change without notice.

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