What is a free rate update?

A Free Rate Update is a service typically offered by mortgage lenders or financial institutions that allows borrowers to receive updated interest rate information on their loan application or pre-approval without any cost. This helps homebuyers or those refinancing stay informed about current mortgage rates, which can fluctuate daily. By receiving free rate updates, clients can make more informed decisions about when to lock in a rate or proceed with their application. These updates are usually provided via email, text, or through the lender's website.