Rate Lock

Rate lock ? After, the buyer has chosen a property and their offer has been accepted, the lender receives the contract. At this point, a request can be made for the mortgage advisor to lock in the interest rate. This allows the lender to secure the current rate, meaning that if rates go up the following week, you are still locked in at the rate till closing. Every scenario is unique and your mortgage advisor will strategically consult on your personal game plan.