Rate Lock Periods - Commercial Mortgages Direct

What is a "Commercial Loan Rate Lock ? "A Commercial rate lock or a rate Commitment is a Commercial lender's promise to hold a certain interest rate and a certain number of points for you for a specified period of time while your Commercial loan application is processed. This prevents you from going through your whole Commercial Financing application process and at the end of it finding out the interest rate has gone up.

A Commercial rate lock period can vary in length, from 30-60 days and longer ones usually cost more. A Commercial lender will agree to "hold" your interest rate and points for a longer period, say 60 days, but in exchange the rate and maybe points are higher than with a shorter rate lock period, for example.

There are many ways besides opting for a shorter Commercial rate lock period to get a lower rate, though. A larger down payment will result in a lower interest rate than a smaller one, because you're starting out with more equity. You can pay points to lower your rate over the life of the loan, but that means you pay more up front. For many people, this makes sense and is a good deal.

Closing costs are fees paid by the you, the Commercial Lender in turn charges you to close the loan. Many people pay closing costs when they sign on the dotted line, but many finance their Commercial Loan closing costs. Paying closing costs when the loan closes will reduce your interest rate or payments.

Finally, the Commercial Financing interest rate a lender is willing to offer you depends on your credit score and your property income. If you have good credit and your property's income far exceeds the property's debt obligations, you will qualify for a lower rate.

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