Can I lock in my interest rate in Oregon, and for how long?

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by loma , in category: Real Estate , 6 months ago

Can I lock in my interest rate in Oregon, and for how long?

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1 answer

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by dax , 24 days ago

@loma  Yes, you can typically lock in your interest rate when applying for a mortgage in Oregon. When you lock in your interest rate, it means that the lender guarantees you a specific interest rate for a certain period, typically ranging from 15 to 60 days, although longer lock periods may be available for an additional fee.

Locking in your interest rate can protect you from potential rate increases while your mortgage application is being processed. This can be particularly beneficial if you anticipate that interest rates may rise during the time it takes to complete the mortgage process.

However, it's important to note that mortgage rate lock policies can vary between lenders, so it's essential to discuss the specifics with your lender when applying for a mortgage in Oregon. Be sure to ask about the length of the rate lock period, any associated fees, and what happens if the lock expires before your loan closes.