A rate lock freezes your mortgage rate, assuring you that the rate you have been quoted will stay in effect until closing. When rates are rising, this protects you from the unpleasant surprise of being hit with a higher rate - and a higher payment - when you are ready to close.
Generally, National Mortgage Alliance locks rates for a period of 30 days. You need to close your loan within this 30-day period or your rate lock will expire. If you require a longer period, such as 45 or 60 days, please speak with a loan officer.
Once you lock in your rate, National Mortgage Alliance guarantees that your rate and lenderÕs fees wonÕt change throughout the loan process.