Benevolence Financial Group (BFG) is now Open Home Loan. Start home loan rate tracking and let Open automatically shop around for you – over your loan duration. When your ideal rate is reached, we’ll ask your bank to match it. Choose to stay or switch in minutes. No effect on credit score. Start for free.

What is a rate lock in refinancing a professional lawyer’s home loan?



< 1 Mins


Share this post

A rate lock is a feature that allows borrowers to secure a particular interest rate on their refinanced home loan for a set period. When a borrower locks in a rate, it means that the lender guarantees that rate for a specified period, typically 30-60 days. This feature can be useful for professional lawyers who want to secure a lower interest rate and protect themselves from potential rate hikes during the refinancing process. It is essential to note that a rate lock usually comes with additional fees, and borrowers should carefully read the terms and conditions before locking in a rate.

Send Us a question

Have something in mind?