Locking Interest Rates 101
Our very own Duane Duggan sits down with Jessica Shanahan of Premier Lending to discuss the hot topic of locking interest rates. How is a "lock" defined financially? Are there any requirements that need to be met in order to be eligible for a lock? How long do locks generally last? How does the length of a lock relate to the quality of the interest rate? Lastly, are borrowers charged for these locks?