Rate Lock Insurance

A Fixed Rate Lock allows customers seeking a guaranteed fixed interest lending rate to protect against potential interest rate increases that may occur during their settlement period. While you would be inclined to panic every time there was talk of an interest rate rise, there is a way to avoid this and lock in your fixed rate before you're approved. Rate-locking can be a good idea, particularly during times of market volatility as it typically puts a rate on hold for you for between 60 and 90 days. Some lenders charge for this feature and others offer Rate Lock for free.