u exceed the lock-in period and your rate expires, you may see your loan rate go up. Countrywide protects your rate for 45 days (60 days on FHA and VA loans). This allows plenty of time for processing a loan. Longer rate locks are even available if you're building your home or need more time to close.

Think rates might drop while your loan is being processed? At the time of your application, take a risk and let it "float" instead of locking. You can watch rates and lock in at any time until the day before your loan closes. The moment you tell your lender to lock the rate, that's the rate you'll get. But be car

So let's look at how you can custom fit a rate to your needs, and address how you can secure your interest rate.

The interest rate on a loan is used to calculate your monthly payment. The higher the interest rate, the higher your monthly payment. The lower the interest rate, the lower your monthly payment.

Points are fees paid to the lender at closing. Each "point" is equal to 1% of the loan amount. For a $100,000 loan, a point equals $1,000. Two points would be $2,000. With many loans, you can lower the rate by paying more points. If you have the cash, it's a good way to save money on interest over the life of your loan. See how points affect rates. If you're low on upfront cash, then go for fewer points.

Home loans are more than interest rates and points. They also involve other costs. The APR expresses the annual cost of a loan as a percentage, factoring in not only its rate, but the points and other charges over the life of the loan. The Truth-in-Lending law requires all advertisements for home loan credit terms include the APR. The APR is intended to enable you to compare terms of loan products from different lenders. To make an accurate comparison, compare loans with the same terms, interest rates and points. Then look at the APR. The loan with the lower APR is the less expensive loan. Lenders also provide the APR along with a loan's interest rate in the Truth-in-Lending Disclosure Statement.

This document will be mailed within 3 days after you submit an application. Some lenders charge an origination fee to cover the administrative costs of processing a loan. If you haven't much available cash beyond the down payment, you might want to look into a no origination fee loan. Unlike many lenders, Countrywide doesn't charge an origination fee on conventional loans in most states. On FHA loans , it's customary to charge an origination fee, but it can be added to your total loan amount and included as part of your financing. Now that I found my home, should I lock in the rate or let it float? Ready to sign a contract?

If you're afraid rates are headed up, protect your buying power by locking in the rate at the time you apply for your loan. What should you look for in a rate lock? Make sure it allows enough time for your loan to be processed. And get it in writing. This is important because some lenders offer rate protection for just a week or 10 days - not long enough for many loans or home sales to be completed. If you exceed the lock-in period and your rate expires, you may see your loan rate go up. Countrywide protects your rate for 45 days (60 days on FHA and VA loans). This allows plenty of time for processing a loan. Longer rate locks are even available if you're building your home or need more time to close.

Think rates might drop while your loan is being processed? At the time of your application, take a risk and let it "float" instead of locking. You can watch rates and lock in at any time until the day before your loan closes. The moment you tell your lender to lock the rate, that's the rate you'll get. But be care

life of your loan. See how points affect rates. If you're low on upfront cash, then go for fewer points.

Home loans are more than interest rates and points. They also involve other costs. The APR expresses the annual cost of a loan as a percentage, factoring in not only its rate, but the points and other charges over the life of the loan. The Truth-in-Lending law requires all advertisements for home loan credit terms include the APR. The APR is intended to enable you to compare terms of loan products from different lenders. To make an accurate comparison, compare loans with the same terms, interest rates and points. Then look at the APR. The loan with the lower APR is the less expensive loan. Lenders also provide the APR along with a loan's interest rate in the Truth-in-Lending Disclosure Statement.

This document will be mailed within 3 days after you submit an application. Some lenders charge an origination fee to cover the administrative costs of processing a loan. If you haven't much available cash beyond the down payment, you might want to look into a no origination fee loan. Unlike many lenders, Countrywide doesn't charge an origination fee on conventional loans in most states. On FHA loans , it's customary to charge an origination fee, but it can be added to your total loan amount and included as part of your financing. Now that I found my home, should I lock in the rate or let it float? Ready to sign a contract?

If you're afraid rates are headed up, protect your buying power by locking in the rate at the time you apply for your loan. What should you look for in a rate lock? Make sure it allows enough time for your loan to be processed. And get it in writing. This is important because some lenders offer rate protection for just a week or 10 days - not long enough for many loans or home sales to be completed. If you exceed the lock-in period and your rate expires, you may see your loan rate go up. Countrywide protects your rate for 45 days (60 days on FHA and VA loans). This allows plenty of time for processing a loan. Longer rate locks are even available if you're building your home or need more time to close.

Think rates might drop while your loan is being processed? At the time of your application, take a risk and let it "float" instead of locking. You can watch rates and lock in at any time until the day before your loan closes. The moment you tell your lender to lock the rate, that's the rate you'll get. But be car

oints. Then look at the APR. The loan with the lower APR is the less expensive loan. Lenders also provide the APR along with a loan's interest rate in the Truth-in-Lending Disclosure Statement.

This document will be mailed within 3 days after you submit an application. Some lenders charge an origination fee to cover the administrative costs of processing a loan. If you haven't much available cash beyond the down payment, you might want to look into a no origination fee loan. Unlike many lenders, Countrywide doesn't charge an origination fee on conventional loans in most states. On FHA loans , it's customary to charge an origination fee, but it can be added to your total loan amount and included as part of your financing. Now that I found my home, should I lock in the rate or let it float? Ready to sign a contract?

If you're afraid rates are headed up, protect your buying power by locking in the rate at the time you apply for your loan. What should you look for in a rate lock? Make sure it allows enough time for your loan to be processed. And get it in writing. This is important because some lenders offer rate protection for just a week or 10 days - not long enough for many loans or home sales to be completed. If you exceed the lock-in period and your rate expires, you may see your loan rate go up. Countrywide protects your rate for 45 days (60 days on FHA and VA loans). This allows plenty of time for processing a loan. Longer rate locks are even available if you're building your home or need more time to close.

Think rates might drop while your loan is being processed? At the time of your application, take a risk and let it "float" instead of locking. You can watch rates and lock in at any time until the day before your loan closes. The moment you tell your lender to lock the rate, that's the rate you'll get. But be car

charge an origination fee, but it can be added to your total loan amount and included as part of your financing. Now that I found my home, should I lock in the rate or let it float? Ready to sign a contract?

If you're afraid rates are headed up, protect your buying power by locking in the rate at the time you apply for your loan. What should you look for in a rate lock? Make sure it allows enough time for your loan to be processed. And get it in writing. This is important because some lenders offer rate protection for just a week or 10 days - not long enough for many loans or home sales to be completed. If you exceed the lock-in period and your rate expires, you may see your loan rate go up. Countrywide protects your rate for 45 days (60 days on FHA and VA loans). This allows plenty of time for processing a loan. Longer rate locks are even available if you're building your home or need more time to close.

Think rates might drop while your loan is being processed? At the time of your application, take a risk and let it "float" instead of locking. You can watch rates and lock in at any time until the day before your loan closes. The moment you tell your lender to lock the rate, that's the rate you'll get. But be car

u exceed the lock-in period and your rate expires, you may see your loan rate go up. Countrywide protects your rate for 45 days (60 days on FHA and VA loans). This allows plenty of time for processing a loan. Longer rate locks are even available if you're building your home or need more time to close.

Think rates might drop while your loan is being processed? At the time of your application, take a risk and let it "float" instead of locking. You can watch rates and lock in at any time until the day before your loan closes. The moment you tell your lender to lock the rate, that's the rate you'll get. But be careful. Rates are as difficult to predict as the stock market. And if rates suddenly shoot up, you could find yourself with a higher monthly payment than you planned or, even worse, unable to afford the home of your dreams.