How Does a Rate Lock Work? (Episode 33) S3 E3

Watch on Youtube.com: https://youtu.be/s_st13NcgUw

What is a rate lock? How does it work? Do you really "lock" your rate? What happens if the lock expires? Your lender should have the answers to these questions. Naturally, ours does.

0:34 - A rate lock locks an interest rate. It requires 3 things: a borrower, a property, and a mortgage program. 
1:01 - Can I lock a rate for a long time? Like 6 months? Yes, but there's a cost because lenders want to make interest on their money — they'll make money on a different borrower.
2:05 - What happens when your lock expires? You pay to maintain the lock, or you let it go. Construction is tough...there can be delays.
2:39 - What'd we learn today?
4:17 - Bloopers

*No rates were harmed in the filming of this real estate discussion.

Please contact us to tell us you love us, you want to hire us! Call or text: 

Realtors with Hive Collective at Presidio Real Estate:
Tyler Cazier: 801-210-0230
Aric Wiszt: 801-228-7687‬

Lender with Elite Team at Security Home Mortgage: 
NMLS: 178787
Jason Christiansen: 801-669-7271
NMLS: 240472

A Production with Security Home Mortgage's Jason Christiansen, and Hive Collective at Presidio's Tyler Cazier and "Mr. Suit" Aric Wiszt.