Locked Rates from Stone Bank - Stone Bank
Locked Rates from Stone Bank

Locked Rates from Stone Bank

When you’re shopping for a home loan, one of the terms you’re likely to come across is “locked rate” or “rate lock.” Stone Bank’s locked rate is a guarantee from us that the interest rate on your mortgage loan will not change once we’ve agreed on the timeframe and terms.

Locking in a rate can be a smart move if you’re worried about interest rates rising while you’re in the process of purchasing a home or refinancing your current mortgage. Here’s what you need to know about locked rates:

How it works

When you apply for a home loan at Stone Bank, our interest rates are based on current market conditions. However, interest rates can be volatile, and they can change frequently based on economic factors such as inflation, unemployment, and global events.

If you’re concerned that rates might go up before your loan is finalized, Stone Bank can lock in your rate. This means that we guarantee the interest rate will not change for the term agreed to, usually 30 to 60 days.

Benefits of Locked Rates

There are several benefits to locking in your rate with Stone Bank. The most obvious is that it provides peace of mind. You don’t have to worry about interest rates rising during the homebuying process, which can save you money over the life of your loan.

Locked rates can also help you budget more effectively. With a fixed interest rate, you know exactly what your monthly mortgage payments will be, which can make it easier to plan your finances.

When to Consider a Locked Rate

Locked rates are a good option if you’re concerned about interest rates rising while you’re in the process of purchasing a home or refinancing your current mortgage. If rates are already low, however, you may not need to lock in your rate, as the risk of rates increasing may be relatively low.

Ultimately, the decision to lock in a rate or opt for a floating rate will depend on your individual circumstances. Stone Bank will work with you to understand the pros and cons of each option and help you make an informed decision based on your financial goals and needs.

RELOCATION NOTICE

Effective December 31, 2024 all Stone Bank operations in the Little Rock market will be relocated to our new branch office and headquarters building at 12615 Chenal Parkway. This includes all consumer and commercial banking functions, including commercial lending and the interactive ATM adjacent to our current Little Rock location at 900 South Shackleford. The Shackleford location will close on December 31, 2024.

All Little Rock personnel phone numbers and e-mail addresses, as well as your access to our mobile banking app and website will remain the same.

We appreciate your continued business with Stone Bank.

If you have any questions about our relocation to our new Chenal address, or the closure of the Shackleford branch, please feel free to call our Little Rock team at (501) 503-4242.

Thank you.