U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 10-05-2012, 08:16 PM
 
108 posts, read 324,503 times
Reputation: 92

Advertisements

Is it possible to lock in an interest rate on a home loan in when you are pre approved for a home loan ?

or

Do you need to sign a purchase contract before you can lock in an interest rate on your home loan ?
Reply With Quote Quick reply to this message

 
Old 10-06-2012, 08:44 PM
 
Location: Eastern Colorado
3,757 posts, read 4,403,966 times
Reputation: 4850
Quote:
Originally Posted by Demps View Post
Is it possible to lock in an interest rate on a home loan in when you are pre approved for a home loan ?

or

Do you need to sign a purchase contract before you can lock in an interest rate on your home loan ?
Why would you want to lock a rate if you do not even know what house you want to buy? There are limits to how long a rate can be locked, and a cost to lock them built into the rate themselves, so the rates would have to go up probably a .25 of a point just to make a 60 day lock even come close to paying off, then if you do not find a house in 30 days (most lenders are taking 30 days + to make it through the process) then you are going to have to pay to extend the lock further, and every 15 days it just costs money.
Reply With Quote Quick reply to this message
 
Old 10-07-2012, 03:19 PM
 
Location: MID ATLANTIC
7,602 posts, read 17,639,445 times
Reputation: 8084
I'm sure there's an exception out there, somewhere. But both property type and location play into the locked rate. I've even seen locks lost because a zip code was incorrect. (That's playing hardball, but it has happened).
Reply With Quote Quick reply to this message
 
Old 10-07-2012, 08:42 PM
 
Location: Boca Raton, FL
4,853 posts, read 8,325,818 times
Reputation: 5488
Smile Locking a loan

You need to be under contract, make application and make sure you have an on-line approval with the mortgage broker or lender you are dealing with.

You need a property address to lock.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top