Getting a Low Interest Rate

Shopping for a mortgage? We can assist you! Give us a call at 2817780805. Ready to begin? Apply Here.

Freezing the Rate

When you are offered a "rate lock" from the lender, it means that you are guaranteed to get a set interest rate for a certain number of days for your application process. This means your interest rate cannot get higher as you are working through the application process.

Rate lock periods can vary in length, anywhere from 15 to 60 days, with the longer spans generally costing more. You can get a longer period for your lock, but in doing so, will probably have a higher interest rate than you would have with a shorter rate lock span of time

More Ways to Get a Great Interest Rate

There are more ways to get a better rate, besides choosing a shorter rate lock period. The bigger down payment you make, the better your rate will be, as you will be entering the loan with more equity. You may opt to pay points to lower your interest rate over the term of the loan, meaning you pay more initially. One strategy that is a good option for some is to pay points to bring the rate down over the life of the loan. You will pay more initially, but you'll save money, especially if you keep the loan for the full term.

1ST CREDENTIAL MORTGAGE INC can answer questions about rate lock periods and many others. Give us a call: 2817780805.

1st Credential Mortgage Inc.   Residential Morgage loan Orignator Juan Craig
Corporate Office 300 Broadway Street, Vallejo Ca. 94590
Texas Branch Office 8615 Bloomfield Turn Missouri City Tx. 77459  
 Co. NMLS Lic # 285286, Broker NMLS # 299061.

1st Credential Mortgage Inc. IS LICENSED UNDER THE LAWS OF THE STATE OF TEXAS AND BY STATE LAW IS SUBJECT TO REGULATORY OVERSIGHT BY THE DEPARTMENT OF SAVINGS AND MORTGAGE LENDING. ANY CONSUMER WISHING TO FILE A COMPLAINT AGAINST 1st Credential Mortgage Inc.  SHOULD COMPLETE, SIGN, AND SEND A COMPLAINT FORM TO THE DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE DOWNLOADED AND PRINTED FROM THE DEPARTMENT’S WEB SITE LOCATED AT http://www.sml.Texas.gov OR OBTAINED FROM THE DEPARTMENT UPON REQUEST BY MAIL AT THE ADDRESS ABOVE, BY TELEPHONE AT ITS TOLL-FREE CONSUMER HOTLINE AT 1-877-276-5550, BY FAX AT (512) 475-1360, OR BY E-MAIL AT smlinfo@sml.Texas.gov.

THE DEPARTMENT MAINTAINS THE MORTGAGE BROKER RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT SUBCHAPTER F OF THE MORTGAGE BROKER LICENSE ACT ON THE DEPARTMENT’S WEB SITE REFERENCED ABOVE.

 

 

8615 Bloomfield Turn Missouri City, TX 77459-6041
Phone: Fax:

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