Home Loan Experts

Did you know that getting a fixed-rate loan doesn’t mean your home loan rate is fixed right away? So what does getting a fixed-rate loan actually mean? We answered the most common questions homebuyers asked about fixed-rate loans.

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If you are considering getting a fixed-rate mortgage or already have one, we can help you lock in the best rates possible. We have helped thousands of homebuyers find the best rate for their loan situation.

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FAQS

Is my fixed-rate loan actually fixed?

When you take out a fixed-rate loan, the interest rate the bank charges can increase between the time the loan is submitted and settled. To avoid this, home buyers can pay a fee to lock in their interest rate. This makes a borrower immune to interest rate changes for a period of time, such as 90 days. For example, say you lock in the rate for your loan at 1.99%, then the lender raises the rate on the loan product to 2.19% one month later, and you settle on the home two weeks after that. Normally, that would mean you would get charged the new rate of 2.19%. But since you locked in 1.99%, you keep that rate. Usually, lenders charge up to 0.20% of the value of a loan to lock in an interest rate ($1000 for a $500,000 loan). To lock in your rate, contact your loan processing specialist. Talk to one of our specialist brokers to learn more.

Can my fixed rate change even after my loan contracts have been prepared and signed?

I am applying for a pre-approval and have selected a fixed-rate product. Do I apply to lock in my rate?

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