Rate hold

When shopping for a mortgage, whether it be a purchase or refinance, it’s a good idea to get a rate hold. A rate hold guarantees you a mortgage rate for 90-120 days (through a broker). This means that if interest rates increase, you are protected with a lower rate. If the interest rates decrease during the time of your shopping, you will automatically get the lower rate. The kicker here is you have to close on your mortgage before the end of your rate hold. As a mortgage broker, I can offer you up to 120 days for a rate hold which is double what many banks will offer you.

 

Special conditions apply. Rates subject to change.