Getting a Low Interest Rate

Looking for mortgage advice? We will be glad to assist you! Give us a call at (713) 528-1245. Ready to get started? Apply Online Now.

Locking the Rate

When you're promised a "rate lock" from the lender, it means that you are guaranteed to keep a particular interest rate over a certain number of days for the application process. This ensures that your interest rate won't go up as you are going through the application process.

Rate lock periods can be various lengths of time, anywhere from 15 to 60 days, with the longer spans generally costing more. You can get a longer period for your lock, but in doing so, will likely have a higher interest rate than you would with a shorter period

Other Interest Saving Strategies

In addition to opting for a shorter rate lock period, there are more ways you are able to score the lowest rate. A larger down payment will get you a better interest rate, since you'll have more equity from the beginning. You can pay points to reduce your interest rate over the term of the loan, meaning you pay more up front. One strategy that makes financial sense for some is to pay points to bring the rate down over the term of the loan. You'll pay more initially, but you will save money in the end.

Main Street Mortgage Company can walk you through the pitfalls of getting a mortgage. Give us a call: (713) 528-1245.

Looking to Buy?

Are you looking to buy a house? Let us help you. Just fill out as much of the information below that you want and we'll get right back to you, with no obligation to you. We guarantee your privacy.

Your Information
Some Details