Rate Holds Explained - Dominion Lending Centres

Author: B G Financial Corp. | Sep 25, 2020 | Categories: Canadian Group Benefits , Debt Consolidation , Disability Insurance , Employee Critical Illness Plans , Financial Advisors , Financial Planners , First Time Home Buyer Mortgage , Fixed Mortgage , Fixed Mortgages , Group Plan Marketing , Life Insurance Agent , Life Insurance Broker , Life Insurance Quotes , Mortgage Broker , Mortgage Insurance , Mortgage Payment , Mortgage Pre-Approval , Mortgage Rates , Mortgage Refinance , Permanent Life Insurance , Term Life Insurance , Travel Insurance , Universal Life Insurance , Variable Mortgage , Whole Life Insurance

If you shopping for a home, or have worked with a mortgage professional in the past, you’ve most likely heard of rate holds before. If not, it is something that every potential homeowner should be aware of. This is especially true for the application process as it has some great benefits for active shoppers.

If you are not familiar with the term, a ‘rate hold’ refers to locking in a specific mortgage rate for a limited period of time. This is offered through most lenders, assuming you are a potential client looking to purchase a home and need a mortgage. They are not eligible for individuals that are refinancing their mortgage, or looking to transfer it to another lender.

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