pichon asked:


I am currently waiting for the bank to respond to the offer that I submitted last Friday. If they accept m y offer when is the best time to lock my interest rate to assue a good interest rate. Last Friday it was 6.175. THANKS

GORDON

4 Responses to “I have been approved for a mortgage loan when is the best time to lock the interest rate?”

1. GEORGE on February 24th, 2010 7:07 am

   BOB

   They should have locked it right away to guarantee it in case rates go up. Check to see if this is what they did.

2. CURTIS on February 24th, 2010 8:59 am

   FREDERICK

   Your rate lock starts on the date of your loan approval. If you are an A credit grade the lock is usually for 30 days or less. Talk to your loan company about their rate lock process.

3. ERNESTO on February 25th, 2010 10:16 am

   HANS

   It’s going to be a gamble, but we’ve always taken the advice of our loan officer on when to lock in. He is the expert, but even he is just giving a best guess. There is no one-right-answer. Watch the trend, watch the economic signs, and take your best guess.

4. ROD on February 27th, 2010 6:09 pm

   LEON

   Unless you have a fixed-rate mortgage, the current mortgage interest rates are very important to deciding how much you should pay every monthcompanies offer different interest rates so it is a good idea to shop around for the best deal before settling on one particular lender.

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