I have been approved for a mortgage loan when is the best time to lock the interest rate?
Posted in Credit on 02/23/2010 08:27 pm by admin
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
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
02/24/2010 at 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.
02/24/2010 at 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.
02/25/2010 at 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.
02/27/2010 at 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.