How Can I Lock in the Best Home Equity Loan Rates?

Locking in the best home equity rates means that a lender promises to hold a rate for you before you close your application process even if mortgage rates change for the worse. The current refinance boom has allowed lenders and mortgage service providers to have an endless amount of loan volume.

It’s so popular that some banks are taking three weeks to process mortgage loans with the best home equity loan rates that used to be processed in no more than two days. If you want to lock a mortgage, home equity or refinance mortgage rate you should try to extend the rate lock for as long as they would allow which might be two months or longer just to be on the safe side.