I read that interest rates are on the rise and thought htat even thoug we are not ready to buy yet, we might want to lock in a good rate now. But we need like 6 months, and I can't imagine a rate agreement being valid for that long.
lillian771
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Re: How long can you lock in a mortgage rate?
I think the most you can do is a 120-day lock in, but even that will cost you. I think 60 day lock ins are standard, and anything higher than that costs you at least another $1,000 to secure. You should probably wait.
DjPiLL
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Re: How long can you lock in a mortgage rate?
Yup... either buy now or wait.
KimberlyBride
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Re: How long can you lock in a mortgage rate?
No you can not lock for 6 months. When you are pre-approved for a mortage you are approved at a certain rate. It is not until you actually apply for a mortgage that you can lock a rate. The most you can lock is 60 days.
cluelessbride
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Re: How long can you lock in a mortgage rate?
Thanks everyone! I guess we won't apply til we are really ready.
suemac
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Re: How long can you lock in a mortgage rate?
You can actually lock in a rate for up to 1 year on 1 particular property. The rate will be higher, the longer you lock in the rate.
dengal
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Re: How long can you lock in a mortgage rate?
It depends on who you are loaning from. It took us 6 months to close on our previous home (condo). We had to pay points, but were able to keep the original rate. I would run the numbers before deciding on anything.
skew
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Re: How long can you lock in a mortgage rate?
when we applied for the pre-apprival they told us that we had the option to lock in. i 'think' it was for the life of the approval (90 days) and at a cost of $150.
dengal
Posted:
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Re: How long can you lock in a mortgage rate?
You can usually be approved for longer than 90 days - you just have to give them updated copies of your paystubs to show you are still employed.
