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Help me understand locking in a mortgage rate...
Posted on 10/26/14 at 8:51 pm
Posted on 10/26/14 at 8:51 pm
We are buying a house that the builder has not yet started on yet. Expected closing will be mid March. As I understand it, I cannot lock in todays low rates yet despite already signing the purchase agreement to build the house. Is my understanding correct? I asked the lender when I can lock in and they said typically 60 days prior to closing. Is it just not possible to lock in whenever you want?
4
Posted on 10/26/14 at 9:08 pm to TigerTatorTots
The lock is only good for so many days. So you can lock in anytime within the 60 days prior to closing. Too soon and you'll lose your rate. Need to be careful because closings can get pushed back too.
Posted on 10/26/14 at 9:50 pm to TigerTatorTots
You can "buy" a 90 day lock, maybe longer, but you won't get as good of a rate. 60 days is the standard though.
Posted on 10/27/14 at 12:20 am to TigerTatorTots
quote:
Is it just not possible to lock in whenever you want?
What would stop people from locking in for years ?
Posted on 10/27/14 at 8:16 am to SG_Geaux
quote:I should have added "when a purchase agreement to buy a house is signed" to the "Is it just not possible to lock in whenever you want?"
What would stop people from locking in for years ?
Posted on 10/27/14 at 9:28 am to TigerTatorTots
60 days is the max you want to lock in at as far as terms. dont worry about the rate to much its not going to go sky high anytime soon.
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