Determining not only your monthly mortgage payment, but also the amount that you will spend over the lifetime of the loan. Consider the payments on a $1,000,000 loan. There are clear reasons to lock in rates help borrowers save money, locking in a rate often comes with a cost. Some lenders charge a mortgage rate …

A mortgage rate lock is an agreement between a borrower and a lender that guarantees the borrower a specified interest rate on a mortgage. Rate locks are important because interest rates change frequently and the mortgage application process can be time consuming. The rate that was in effect on the mortgage applied for your loan …