What is a Rate Hold?
Rate holds come along with pre-approvals and lock in a rate for you. This gives you protection from rising interest rates while you’re searching for your dream home.
When Should I Get a Rate Hold?
When you are ready to purchase a home it’s a good idea to get a pre-approval and rate hold. Being pre-approved lets you beat less prepared buyers when you find the house you want to buy. The rate hold will be part of the pre-approval.
What If Rates Go Down?
Rate holds are a win-win because if the rates go down, you will get the lower rate, and if rates go up you will get the rate from the rate hold.
How Long Does a Rate Hold Last?
Rate holds typically last 120 days. If after 120 days have passed you haven't found a home, we can extend the rate hold for another 120 days for you.
What else do I need to know?
Rates can vary depending on the following:
Our job is to put you in a mortgage product that suits your needs, and with the best rate available.