One of the things that you will be asked to do when you apply for a home mortgage loan is to pick a closing date. Your mortgage interest rate will be locked in for this period of time, and as long as you close within the specified time period, you can have that mortgage rate.

For the most part, mortgages are based on a 30 day close. You can lock in your mortgage interest rate for 30 days, and as long as you close before then, you won’t see your rate rise. If you want a lower mortgage rate, you can do a 15 mortgage rate lock. This means that you have to be quick about documentation, and make sure tha tyou don’t have any pressing problems. The Mortgage Reports points out that this rule applies to refinancing as well:

A refinance that can close in 30 days is going to be better priced, in general, than one that takes 45 days to close.  It’s one reason why being responsive to documentation requests is so important — quicker to process means quicker to close.

When you are looking to get a home mortgage, remember that it is important to consider your mortgage interest rate lock period as well as things like income, credit score and down payment. It can save you a little more over the long run.