9 Month Rate Lock
A 9-month rate lock is a provision offered by mortgage lenders that allows borrowers to secure a specific interest rate for their mortgage loan for a period of nine months.
How it Works
When you apply for a mortgage loan, the interest rate offered by the lender may fluctuate based on market conditions. To provide borrowers with stability and predictability, lenders offer rate lock options. With a 9-month rate lock, borrowers can “lock in” or secure the current interest rate for their mortgage loan for a period of nine months, regardless of any potential fluctuations in market interest rates during that time. A 9-month rate lock may be suitable if you anticipate a more extended home buying process or if you want to secure a favorable interest rate while allowing for flexibility.
