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How long does a rate-lock last?

by sandra-fay154 from Atlantic Beach, Florida. Mar 24th 2020 Reply

Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions

Hello,It depends on how long you lock the rate for. There are 30, 45, 60, and 90 day rate locks. Typically the longer the rate lock, the higher the rate will be. If you have any other home buying questions whether you are ready to buy now or in the future feel free to give me a call. Click on my profile for my info if needed. Stay safe and healthy! Michelle

Mar 24th 2020
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,660 contributions

You have options. Common rate locks are 15, 30, 45, 60, 75, and 90-days. You MUST close your loan within the lock period. Interest rates move higher as the rate lock period gets longer. So best rates on shortest locks. I lend in MN WI IA SD ND. Find me at NMLS274132

Mar 25th 2020
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