Extended Rate Lock | Embrace Home Loans

Our new rate lock can stand up to almost anything.

The rate lock you choose when building a new home can be consequential. What if interest rates rise before the home is finished, and your monthly payments become out of reach? Or rates drop — and you’d like to take advantage of the lower rate?

To keep your new home safe and secure, we reinforced our rate lock policy. With our new Extended Rate Lock, your rate is protected for up to 360 days — that’s almost an entire year!

And our rate lock isn’t just more durable — it’s more flexible, too. If rates drop before your home is finished, we offer a one-time float down option within 30 days of closing. Along with that, our prices are among the most competitive in the industry.

Now, securing your new home is easy. All you have to do is pick the lock that’s built to last.

Our Extended Rate Lock highlights:

Lock terms available for 180, 270, and 360 days
A one-time float down option within 30 days of closing
Must have a contract to lock your rate
Available for Conventional, FHA, and VA loans only
Maximum loan amounts determined by conforming county limits, not to exceed $970,800

Disclaimer: Not a commitment to lend. Conditions and fees apply. Embrace Home Loans reserves the right to cancel this offer at any time. Interest rates are determined on the day you lock your rate. If published rates fall below your locked rate, Embrace Home Loans will allow a one-time offer to re-lock at the lower rate.

Frequently asked questions

How are rates calculated?

Rates are complicated and can be tricky to understand. Simply CALL US and we’ll help you compare your rate quotes. We’re happy to take you through estimates line by line — ensuring you know what every item means to you and your bottom line. Comparing mortgage rates can be confusing because there are so many factors — from taxes to title insurance — that contribute to calculating your mortgage payment and closing costs. No one is expected to understand it all from the beginning, but we’ll make sure it all makes perfect sense to you in the end.

How do interest rates affect my mortgage?

High interest rates bring higher monthly payments and increase the overall interest you’ll pay over the life of your loan. A low interest rate saves you money in both the short and long term. Sometimes a bigger down payment can help you get a lower interest rate. Keep in mind that the money you pay in interest doesn’t ever go toward paying off the principal, so it’s smart to get the lowest interest rate possible and then pay off your house as quickly as you can.

What are points?

Paying discount points means you can lower or “buy down” your interest rate (as well as your monthly payment) over the life of your loan. One point equals 1% of your loan amount. When you pay a point, you are essentially paying part of your interest to the lender up front. So if you have the funds, buying down your rate is a good way to reduce the total amount of interest you’ll pay over time.

What does it mean to "lock in" your rate?

Think interest rates are on the way up? Then “locking in“ your interest rate before you close may be a great idea. This simply means your lender "freezes" your interest rate—typically between 15-90 days—before you close.

Aren't the interest rate and the annual percent rate (APR) the same thing?

No, but they are very close. The interest rate is how much it costs to borrow the money from your lender. The APR is the total cost of your mortgage and accounts for additional fees like closing costs, origination charges, lender points, and private mortgage insurance (PMI).