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Great rates and peace of mind Enjoy a great rate and peace of mind with an RBC Royal Bank ® fixed rate mortgage. A fixed rate mortgage offers an interest rate that is "locked-in" for the term of your mortgage, so you won't have to think about future interest rate fluctuations during your mortgage term.
In response, Mortgage Maestro Group is now working with clients to lock in interest rates during the pre-approval process at no cost to them. On average saving clients .25% in rate at the time they go to close.
A rate lock, also called a locked-in rate and rate protection, is a guarantee from a mortgage lender to give you a set interest rate (often the current market rate) when you apply for a mortgage.
A mortgage rate lock-in, or rate hold, allows you to lock in the offered mortgage rate for a specified time. Most lenders offer rate holds of 30, 60, 90, or 120 days.
Very few lenders lock rate at pre-approval (very few = pretty much zero). Otherwise you could have gotten pre-approved last year at 3%, to buy now. Most lenders give you the ability to lock at the time you give them an executed purchase contract, and even that lock is specific to that purchase.
The interest rate and type of mortgage used to approve you for a specified loan amount is subject to change, which may also change the terms of approval. If the interest rate used for credit approval has changed, you may need to re-qualify. Information provided by you is subject to review and all other loan conditions must be met.
Homebuyers who are pre-approved for a mortgage and still need to finalize their agreement can lock their mortgage rate. This means the lender guarantees a specific interest rate for a certain period, typically between 30 and 120 days. Locking a mortgage may be a good decision based on the circumstances, but it’s not always straightforward. The following sections outline the pros and cons of ...
We got one pre-approval from a broker our realtor works with, which included a range of interest rates. I decided to shop around and got another pre-approval, but no interest rate was listed.
With the fed saying they will be raising interest rates throughout the year, I would like to lock in a lower rate the sooner the better. How long would a mortgage approval/ interest stay locked in for?
Lock Your Rate On an RBC Royal Bank ® Fixed Rate Mortgage For 120 Days, Guaranteed. 1 Great rates and peace of mind A fixed rate mortgage offers an interest rate that is "locked-in" for the term of your mortgage, so you won't have to think about future interest rate fluctuations during your mortgage term.