Locking in a rate

What do banks typically charge you to lock in a rate? When do you lock in? Do you wait until you go to contract? Thanks for the help!

You should wait until after the contract is signed. We were not charged to lock in the rate and we locked for 60 days. You need to close within the 60 days or have the lock extended or re-lock. I am not sure how that works and glad I won't need an extension.

Kim

i agree. we extended our pre-approval last week and were given the option to lock in. there was no charge. interest rates are rising so we decided to lock-in. however, it means nothing if we do not close in 90 days. whci will NEVER happen since e haven't found a house.


so, to answer your question, if you have found house a or KNOW that you will find one soon and will close by march, then lock-in. most banks do charge a fee, but it might be worth it depending on how high interest rates rise.

and BTW - interest rates just went up again