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Old 10-05-2012, 09:16 PM
 
108 posts, read 357,453 times
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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 ?
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Old 10-06-2012, 09:44 PM
 
Location: Eastern Colorado
3,807 posts, read 5,041,743 times
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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.
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Old 10-07-2012, 04:19 PM
 
Location: MID ATLANTIC
8,211 posts, read 20,420,624 times
Reputation: 9479
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).
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Old 10-07-2012, 09:42 PM
 
Location: Boca Raton, FL
5,813 posts, read 9,447,833 times
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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.
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