Mortgage Tips & Education Blog | Liberty Star Mortgage

Unlock Savings: Essential Tips for Mortgage Rate Locks

When it comes to mortgage rates, many people assume that once they start talking to a lender, they’re locked into a fixed rate. However, mortgage rates are far from static. Just like the stock market, they’re constantly fluctuating, and understanding how rate locks work can make a significant difference in your financial savings.

The Truth About Mortgage Rates

Contrary to popular belief, mortgage rates are not static. They fluctuate regularly based on market conditions, similar to how stock prices move. This means the rate you’re offered today could be different tomorrow. The key to getting the best deal is understanding how to navigate these changes effectively.

Why Rate Locks Matter

One of the biggest advantages in mortgage lending is the ability to lock in a rate for a specified period. This can be a game-changer in securing a favorable rate and potentially saving you money. Rate locks are typically offered in 15, 30, 45, 60, 90, and 120-day intervals.

Here’s how it works: if you choose a 15-day rate lock, the cost to the lender for that money is lower compared to a 120-day lock. This often translates to a better interest rate or reduced fees for you. Essentially, the shorter the lock period, the more favorable the rate can be.

Unlock the Secrets of Rate Locks

Don’t let the myth of static mortgage rates keep you from making an informed decision. Reach out to Collette Horton at Liberty Star Mortgage to learn more about rate locks and how they can benefit you. Let’s chat and unlock the secrets to securing the best rate for your mortgage!

 

Book a one-on-one consultation with Loan Officer, Collette Horton, to discuss your mortgage options and find the perfect loan for your needs.

Licensing

Connect & Share

Contact

Main Number:
(281) 558-0004

Fulshear Locations:
30417 5th Street, Suite B
Fulshear, TX 77441

5757 Flewellen Oaks Lane, Suite 104
Fulshear, TX 77441

Sherry Collette Horton , NMLS #290357

Important Information about Procedures for Opening a New Account
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account (e.g., establishes a formal relationship by means of a loan application) What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.
No statement on this website should be considered a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet LTV requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines, and are subject to change without notice based on applicant's eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over life of loan. Reduction in payments may reflect longer loan term. Terms of the loan may be subject to payment of points and fees by the applicant.