It is important for both new homebuyers and homeowners who want to refinance to understand how to lock in an interest rate when applying for a mortgage loan. Understanding how rate locks work prepares you to evaluate your options.

While you are in the process of applying for your mortgage loan, interest rates will most likely fluctuate from day to day and week to week. If you want assurance that the wonderfully low interest rate on your loan will not increase while you are waiting for loan approval, ask for a rate lock. A conventional rate lock is a guarantee from the lender that your mortgage will carry a particular interest rate, with specific, predetermined points and fees.

The interest rate is "locked in" for a specified period of time, usually thirty days. When you call a lender for a rate quote, ask how long that rate will last for. If you think you might need more than thirty days to complete your home purchase or refinance, tell your lender how many days you will require, and they will give you an adjusted rate quote.

Rate locks are especially useful if interest rates are on the upswing, and you are concerned about ending up with higher monthly payments. If you cannot afford the risk of a further interest rate increase, lock in your loan rate now.

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Rhonda & Larry Rosenthal & The Rosenthal Group
Prudential Fox & Roach Realtors
653 Skippack Pike
Blue Bell, PA 19422
Toll Free Number 1-800-348-0708
Rhonda's Cellular: 215-432-5610
Larry's Cellular: 267-735-4321
Personal Fax: 215-643-8681
Sandy - Assistant: 215-619-2307
Office: 215-542-2200 x338
Rhonda's E-Mail: rhondalrosenthal@gmail.com
Larry's E-Mail: larryzrosenthal@comcast.net
Sandy's E-Mail: sandy1950@comcast.net
Alene Dordick's E-Mail: alenerealtor@aol.com
Jim Ware's E-Mail:: ware66@aol.com

WHAT CAN EXPERIENCE DO FOR YOU? 30 Years Real Estate Experience and over 1400 successful transactions! Larry and Rhonda Rosenthal and The Rosenthal Group have enjoyed helping buyers and sellers to achieve their goals. We are the leading realtors in Upper Dublin, Blue Bell, Horsham, Lower Gwynedd, and Surrounding Areas. Our market knowledge and negotiating skills are expert. We look forward to helping you sell or find your next home.