Interest rates fluctuate daily, so the rates available when you apply may be different than the rates available when you decide to lock your interest rate. By locking, you protect your selected rate for a stated period regardless of market fluctuation. Depending on the product type and lender, your credit rating, debt-to-income ratio, and combined loan-to-value ratio may be used to determine the final mortgage rate.
How is my final mortgage rate calculated, and when is that rate confirmed? Print
Modified on: Thu, 23 Feb, 2023 at 12:29 PM
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