{"id":184,"date":"2017-09-05T18:13:30","date_gmt":"2017-09-05T18:13:30","guid":{"rendered":"http:\/\/wp2.fastforwardstories.com\/?p=4073"},"modified":"2017-09-05T18:13:30","modified_gmt":"2017-09-05T18:13:30","slug":"what-is-a-rate-lock","status":"publish","type":"post","link":"https:\/\/cloud.titletapsites.com\/wollinka-wikletitle\/2017\/09\/05\/what-is-a-rate-lock\/","title":{"rendered":"What Is A Rate Lock?"},"content":{"rendered":"<p><script src=\"https:\/\/fast.wistia.com\/assets\/external\/E-v1.js\" async><\/script><\/p>\n<div class=\"wistia_responsive_padding\" style=\"padding:56.25% 0 28px 0;position:relative;\">\n<div class=\"wistia_responsive_wrapper\" style=\"height:100%;left:0;position:absolute;top:0;width:100%;\">\n<div class=\"wistia_embed wistia_async_3g48qjv6bz dnt=1 videoFoam=true\" style=\"height:100%;position:relative;width:100%\">\n<div class=\"wistia_swatch\" style=\"height:100%;left:0;opacity:0;overflow:hidden;position:absolute;top:0;transition:opacity 200ms;width:100%;\"><img decoding=\"async\" src=\"https:\/\/fast.wistia.com\/embed\/medias\/3g48qjv6bz\/swatch\" style=\"filter:blur(5px);height:100%;object-fit:contain;width:100%;\" alt=\"\" aria-hidden=\"true\" onload=\"this.parentNode.style.opacity=1;\" \/><\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>  Mortgage rates change constantly through an unpredictable combination of government policies and economic conditions. This video explains the common term &#8216;rate lock.&#8217;<\/p>\n<p>A \u201cRate Lock\u201d is a guarantee that a lender will honor a <span style=\"text-decoration: underline\">specific<\/span> combination of interest rates and points<span style=\"text-decoration: underline\"> for a given period of time<\/span>. A lock protects a buyer from rate increases but commits them to a higher rate if mortgage rates fall below the locked rate.<\/p>\n<p>As of 2014, rate locks aren\u2019t usually an option until a purchase offer for a specific property &#8211; new-home or resale &#8211; has been accepted by the seller. The borrower\u2019s credit score, the loan-to-value ratio property type, location and other factors plus, of course, market rates and market conditions will also affect rate-lock decisions.<\/p>\n<p>Decide whether to lock or \u201cfloat\u201d based on your capacity for risk and your best rational knowledge about construction and closing schedules. If your rate lock expires an extension might be available but both you and the lender will be looking at current mortgage rates to decide the best option.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mortgage rates change constantly through an unpredictable combination of government policies and economic conditions. This video explains the common term &#8216;rate lock.&#8217; A \u201cRate Lock\u201d is a guarantee that a lender will honor a specific combination of interest rates and points for a given period of time. A lock protects a buyer from rate increases [&hellip;]<\/p>\n","protected":false},"author":37,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-184","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What Is A Rate Lock? - Palm Harbor, FL | Wollinka-Wikle Title Insurance Agency<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cloud.titletapsites.com\/wollinka-wikletitle\/2017\/09\/05\/what-is-a-rate-lock\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Is A Rate Lock? - Palm Harbor, FL | Wollinka-Wikle Title Insurance Agency\" \/>\n<meta property=\"og:description\" content=\"Mortgage rates change constantly through an unpredictable combination of government policies and economic conditions. 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