What is a rate lock?
- A rate lock gives you protection from financial market fluctuations that could affect your interest rate range.
- You can choose to lock or float your interest rate range. On the date and time you lock, that interest rate range remains available to you for a set period of time.
- If there are no subsequent changes to your loan and your interest rate range is locked, the interest rate range and your application generally remains the same.
- If there are changes to your loan, your final interest rate at closing may be different.
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