Basic mortgage facts regarding Mortgage Interest Rates and Rate Locks

Mortgage interest rates can vary for each person and each transaction. There is not one rate for everyone, and the rates you see posted online are examples, averages, and, in most cases, the best-case scenario.

It is important to get a quote from an experienced professional based on your individual scenario. The rate can vary based on several factors, including:


  • Credit score
  • Down payment amount
  • Loan amount
  • Type of property (one family, multi-family, condo, co-op, etc.)
  • Property usage (primary residence, vacation/second home, or investment property)
  • Loan product and program (conventional conforming, jumbo, FHA, fixed rate, adjustable rate, etc.)


Rates can change daily depending on many economic and social factors. It’s your choice when to lock your interest rate, up until about seven-to-10 days prior to closing. If your loan is not closed and funded by the rate lock expiration date (normally 60 days), then you may have to pay a rate extension fee.

More often than not, we suggest the following items below be in place prior to locking. However, this is not mandatory and ultimately it is 100% your choice when to lock your rate and of course Barry Koven is always available for guidance. Please also speak to your attorney to lock the rate and review the list below with them:


  • Contract is signed (for purchases only)
  • Loan is approved and commitment letter is issued
  • Title is in and reviewed/confirmed clean and clear for closing with no open permits, violations, missing Certificate of Occupancy, etc.
  • If the property has tenants, confirmation there are no tenant issues
  • Confirmation from sellers and/or their attorney they will be ready to close and vacate the property
  • Appraisal is in at value and approved
  • If the property is a co-op or condo, board meeting date is in place and the building is approved A Gem in Home

For more information contact Barry Koven (NMLS #404510) a top producer in his market and can be contacted at, email or 917-597-1330.