What is a lock?
The Bankrate.com financial term of the day is: "Lock"
The mortgage process can take weeks, and when you've found a great rate, you don't want it to slip away while you wait for your loan to be approved. This is where a lock can help. A lock is a lender's guarantee that the rate will not change for a specified period. You want a lock long enough to keep your rate in place until you can close on the loan.
Mortgage rates can move around. A lock lets you grab and hold a rate while your mortgage goes through the system.
To shop for the perfect home loan, visit the Mortgages section at Bankrate.com.
Fixed mortgage rates were slightly higher this week.
The 30-year fixed mortgage rate rose to 4.51 percent this week.
Mortgage rates pulled back slightly this week.
The benchmark 30-year fixed-rate mortgage rose to 4.5 percent.
The benchmark 30-year fixed mortgage rate inched lower.
Can a couple find common ground when it comes to debt?
Follow this 6-month homeowner countdown so you are ready come closing day.
Pay attention to fees on prepaid cards because in most cases you can avoid them.
Sleep better at night knowing you have extra money tucked away for unplanned expenses.
Do you want your kids to be smart about money? Follow these tips to get them started.
Bankrate wants to hear from you and encourages thoughtful and constructive comments. We ask that you stay focused on the story topic, respect other people's opinions, and avoid profanity, offensive statements, illegal contents and advertisement posts. Comments are not reviewed before they are posted. Bankrate reserves the right (but is not obligated) to edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused. We do not permit the inclusion of hyperlinks in comments and may remove any comment that includes a hyperlink.
A little research could save you BIG on interest.
The news that an auto finance company distorted consumer credit records for years is a good reminder to check your credit report regularly.
... Read more