What Is A Mortgage Rate Lock Anyway?

Laptop with homes and an arrow implying rising interest rates.

There’s no doubt interest rates are on the rise and show no signs of slowing down! The unpredictability of the market can cause some buyers to feel frozen and refrain from making offers. However, taking advantage of low-interest rates and locking them in with programs like Fairway Mortgage’s Lock, Shop, and Go lets you freeze a lower interest rate for up to 90 days. You can shop worry-free, knowing your interest rate won’t be affected between the offer and closing as long as you close during the designated period.
Read on to learn more about the benefits of mortgage rate lock.

Benefits of Mortgage Rate Lock

Rate locks are typically available for 90 days, and in certain cases even longer. If your rate is not locked in, it can rise at any time during the home buying process, leading to potentially higher monthly payments or even being priced out of your dream home. Your mortgage rate lock shields you from market fluctuations and allows for a smoother home buying journey.

One of the biggest benefits of freezing your rates is the speed at which you can close on your dream home. When you are ready to make an offer, the rest of the lending process can proceed quickly once the seller accepts your offer.

Lock, Shop, and Go

Our team at Fairway understands that even the slightest change in rates can change the trajectory of your homebuying journey. Rest assured, the Lock, Shop & Go program allows homebuyers to lock in their interest rate for 90 days while shopping for a new home.

Getting started is easy. The first step to locking in your interest rate is to determine what you qualify for by getting pre-qualified with one of our loan experts at Fairway Mortgage. During this process, you will review mortgage options and your credit score. Once a thorough credit check is complete, as well as employment verification and analysis of your finances, you are pre-qualified! Now you can shop hassle-free for up to 90 days before making an offer.

Lock-in your rates now!

Finding your forever home shouldn’t be a stressful experience. Let our loan experts help you lock in a low-interest rate while our agents help you find the home of your dreams. Let yourself focus on what matters most and leave the rest up to a trusted mortgage lender.

Check out our Lock, Shop, and Go program to start the pre-approval process.