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Now, you’ve got time on your side.

Interest rates are unpredictable. And remember, what goes down will eventually come back up. Without locking your rate, you could find yourself facing higher payments or even risking your qualification status. To eliminate any worry and make sure you get the lowest rate possible, we offer our Extended Rate Lock.

Our lock is flexible so you can be, too. Our Extended Rate Lock program locks a rate for up to 9 months (270 days), allowing you to buy or build with confidence. New home construction has so many variables that the schedule often fluctuates, leaving borrowers worrying about the interest rate changing while they wait for their house to be completed. Existing home sales can have delays, too, especially if it’s a short sale or foreclosure purchase. With our Extended Rate Lock, if your closing is delayed for any reason, you don’t have to worry because your rate isn’t going anywhere.

What if rates go down? The good news is that if interest rates lower, then your rate may drop, too! Borrowers can take advantage of a one-time float-down at an additional charge. Our Extended Rate Lock program applies to any home under contract. View terms>>


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HomeReady® & Home Possible®

  • Low-income borrowers
  • 3% down payment financing option
  • FICO® Score as low as 620
  • Many types of down payment sources are acceptable
Learn more about these programs

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.
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.
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.
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.
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).
"Chris was great to work with on my refi. He was very knowledgeable and walked through the different scenarios and made sure I was comfortable with my decision." - Matthew, MD
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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 your rate at the lower rate.