Learning center
Top Rate Tips
Lock strategy and shopping the total loan price instead of the headline rate.
Overview
Two decisions decide what you actually pay: which combination of rate and cost you choose, and when you lock it. Rates reprice daily and sometimes intraday, and lock extensions cost real money. These guides cover how to time a lock around your closing date, what float-down options are worth, and how to compare complete loan prices rather than isolated rate quotes.
Who this is for: Borrowers in contract or about to lock a rate.
What you'll learn
- •Choosing a lock period that matches your actual closing timeline
- •What a lock extension costs and how to avoid needing one
- •Comparing loan price: rate plus every lender fee, not the rate alone
- •When floating makes sense — and when it rarely does
3 guides in this topic
Top Rate TipsShop the Loan Price, Not the Rate — What Does That Mean?
After my nearly 40 years in lending, there is one constant I can attest to. The bigger the lender the higher their loan price! What exactly is the loan price? It's the combination of the…
Read the guide →
Top Rate TipsRate Lock Tips to Help You Get the Best Rate
Mortgage interest rates fluctuate daily, similar to stock prices, and not being knowledgeable about this can result in small gains or losses. When deciding whether to float or lock an…
Read the guide →Top Rate TipsLocking Your Mortgage Rate
At some point during the mortgage process, the contract interest rate (the one that ends up on the Promissory Note — the most official document stipulating the terms of repayment) must be…
Read the guide →Get a straight answer today
No credit pull to start, no sales pressure, and a real quote you can compare line by line against any bank or big lender.