RATE HOLDS, HONESTLY
A rate hold protects you from increases. It does not approve you.
Those are two different things, and confusing them is how people end up with a great rate they cannot use. Here is exactly what a hold does, how long it lasts, and what it does not cover.
It caps your rate
Whatever happens to the market, you cannot pay more than the held rate on that file.
It still follows rates down
If pricing improves before closing, you get the better number. The hold is a ceiling only.
The clock starts at approval
Usually 90 to 120 days from approval, not from your first phone call.
The distinction that matters
A RATE HOLD
Reserves pricing for a window of time. That is all it does.
A LENDER DECISION
A lender reviewing your income, credit, and down payment and saying yes to a specific amount, subject to the property.
Go into an offer with only a hold and you are negotiating on a rate you may not be able to use. Both should be in place before you write.
The questions people actually ask
Want a hold and lender review together?
That is the combination worth having before you make an offer. Both can usually be arranged same day.
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No fee to hold a rate. Ever.
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