What does it mean to lock the interest rate?
Mortgage rates can change from the day you apply for a loan to the day you close the transaction. If interest rates rise sharply during the application process it can increase the borrower’s mortgage payment unexpectedly. Therefore, a lender can allow the borrower to "lock-in" the loan’s interest rate guaranteeing that rate for a specified time period, often 30-60 days, sometimes for a fee.
¿Qué significa bloquear la tasa de interés?
Las tasa de las hipotecas pueden variar desde el día en el que aplicas por el préstamo hasta el día que haces el cierre de la transacción. Si las tasas de interés aumentan abruptamente durante el proceso de aplicación, es posible que los pagos de la hipoteca aumenten inesperadamente. Por lo tanto, el prestamista puede permitirle al prestatario bloquear la tasa de interés y así garantizar la misma por un periodo de tiempo especificado, frecuentemente entre 30 y 60 días, algunas veces por alguna tarifa.
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