Can I “lock in” my fixed rate prior to settlement?
Lenders usually offer a fixed rate “lock in” option. This means that the fixed rate offered in your Loan Contract can be guaranteed to be held at that rate right up until settlement regardless of any changes to the lender’s published fixed rates in the meanwhile. There will usually be a time limit of 60 or 90 days and lenders will usually charge a fixed rate “lock in” fee to be paid upfront at the time your Loan Contract is signed.
If you believe that fixed rates may increase prior to your property settlement, check your lender’s fixed rate “lock in” policy as it may be financially beneficial to secure the available current fixed rate now.
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