question on locking in rates

we are in contract and are waiting for the apraisal and title search before scheduling closing. When do we lock in. I wanted to already but DH told me not too. Now the rate went up today.

Re: question on locking in rates

We locked in prior to doing all that. I would do it soon

Re: question on locking in rates

I'd do it ASAP. Rates are going up!!!!!

Re: question on locking in rates

How long is a locked in rate good for?

Re: question on locking in rates

Re: question on locking in rates

we are in the same boat but our closing is for for "around" 6/15 so we cant lock in yet and im sitting here watching rates go up, up, up

Re: question on locking in rates

i wouldn't do it until you know when you are going to close for sure. for us, our sellers dragged the closing process out one extra month, and our broker locked in too early and we got screwed.

Re: question on locking in rates

Posted by maymama

we are in the same boat but our closing is for for "around" 6/15 so we cant lock in yet and im sitting here watching rates go up, up, up

Message edited 4/7/2011 10:24:11 AM.

Re: question on locking in rates

Most of the time it's 30 days. To get a longer lock, you usually have to pay.

With the rates going up, sometimes it's worth it to lock, even if you might have to pay an extension fee to keep the lower rate. It might work out to be cheaper than letting the lower rate expire and locking in a higher rate.

This is especially true if you don't anticipate any delays. If. however, there's been a lot of work done to the house and you are not sure if title search issues will crop up (e.g., missing COs) or the sellers are having a new house built somewhere and their ability to close soon is uncertain, then I'd obviously hold off until you have a better sense of when you can close.

Re: question on locking in rates

My broker at Garden City has been posting 4.875% for the past week. So at least his rates haven't gone up. Things may change though as you never know.

But overall rates have been very steady in the past few weeks. I would only lock in if you plan on closing in the next 30 days.

Re: question on locking in rates

our contract says on or about May 1. I don't want to lock in too early but I don't want to pay extra.

Message edited 4/7/2011 5:02:14 PM.

Re: question on locking in rates

It stinks watching the rates go up and down up and down and not knowing when to lock in. Our lender gave us a free lock in for 45 days. I wish we never locked in so early because the rates were lower then our lock in rate when we closed. Unfortunately we did not close in 45 days and had to pay a rate extension fee of $325. I wouldn't lock in too early.