Locking in the Interest Rate on Your VA Loan Interest rates are one of the key factors to consider when choosing a VA lender. That’s why when you find the best rate for your VA loan you’ll want to lock and ensure that it doesn't change during the loan process. Since the Department of Veterans Affairs backs these loans if you are unable to repay them, lenders tend to offer more favorable interest rates and terms. During times of market volatility, interest rates often change quickly, even increasing and decreasing the same day. Locking in your interest rate enables you to concentrate on other aspects of the property buying process and gives you peace of mind. But you must give the lender written permission to do so. There may be variables involved when securing your rate, but there are some aspects common among all lenders. For instance, your loan application must be on file with your lender and you must have the home you want to purchase in mind. Furthermore, you’re responsible for monitoring your interest rate and determining when it’s time to lock it in. Although your lender will contact you with any updates, you’ll want to keep an eye on the market yourself. Keep in mind that most lenders will post daily updates online regarding the current rate. https://www.google.com/maps?cid=6744959272592205627