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Old 10-22-2006, 02:07 PM
 
149 posts, read 644,655 times
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if i go and get a contract on a home and get pre approved, when is the intrest rate given? IF im approved now but the home wont close for 9 months at what intrest rate do i get the mortgage? IF anyone has bought a pre-contrusction I would appreciate any info you can give me from your expierance. This will be my first home buying expierance.
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Old 10-22-2006, 02:51 PM
 
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Generally you can't lock in your rate more than 120 days before closing. That means you have to wait until you are getting closer to a final loan application/closing to talk to the bank about locking in your interest rate.
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Old 10-22-2006, 09:14 PM
 
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As Shaylahc mentioned, you can't lock in now. Generally people wait until 30-45 days prior to the closing date to lock in. In our experience we locked in a month prior to closing and I believe the lock in was for 30 days only. If your closing date is postponed and your lock-in term is going to expire prior to closing, then you need to lock in again. The only gamble with the timing of locking in is how much the rates will fluctuate.
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