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Mortgage Rate Lock

2022 has been a challenging year for buyers. Home values have been rising, and now mortgage interest rates have gone up, too.

Locking your interest rate can help keep your home loan costs predictable.

There’s a lot to consider when you buy a home, such as where you want to live, how much you can afford, and the type of home you want. The kind of mortgage you need and what it will cost are just as important. As you think about your financing, remember your loan amount, credit score, closing costs, down payment, type of home loan, and interest rate all play a part in the cost of your mortgage.

Your monthly mortgage payment is made up of principal, interest, and (usually) property tax and homeowners insurance. The principal is the money you borrow. The interest is the fee charged to borrow that money. The interest rate is a percentage of the principal and has a major impact on the amount you will pay over the life of your loan.

Interest rate lock basics

Rate lock programs

In addition to a standard rate lock as part of your loan process, CrossCountry Mortgage has some special programs that may help you. Ask your loan officer for more information.

CCM Lock Before You Look

What if you could lock your loan before you found the house you want to buy? You can!

CCM’s Lock Before You Look program allows you to lock your rate up front by following these simple steps:

  • Apply for your loan, get fully credit-approved
  • Lock your rate for up to 90 days
  • Shop for your home
  • Once your offer is accepted, you’ll be ready for a fast closing

Extended rate lock for new construction

When you decide to build a home, you want some certainty in the process. Building takes a long time, and rising interest rates could make your dream home unaffordable. Use CCM’s extended rate lock program to lock your rate for up to 12 months.


CrossCountry Mortgage, LLC cannot guarantee that an applicant will be approved or that a closing can occur within a specific timeframe. All closing timeframes may vary based on all involved parties' level of participation at any stage of the loan process.

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