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Is my interest rate guaranteed?
It is important to ask the lender how long they guarantee the quoted interest
rate. Some lenders guarantee the rate for 20, 30, 45, 60 or 90 days. Other lenders
may only agree to set a rate when the loan is approved. On occasion, lenders will
not set a rate for the loan until just before closing. A longer guarantee period
allows you to protect the rate for a longer length of time, which could be beneficial
to you in a volatile interest rate market. Also, be sure to inquire whether long
guarantee periods are available and what additional costs may be involved.
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