When did you lock in your rate?

So we finally got the clear to close...on March 19th, of course we don't have a date yet, why would my people work for me... the mortgage person hasn't even locked in the rate yet, is this normal. And please if I ever buy another house, remind me not to use one of these people ever again!!! I've already unrecommended them to friends that I gave their information to. This is so freaking ridiculous. I have no idea what the hold up is. Yesterday I spoke to my attorney's secretary, she said tentatively tomorrow, but it doesn't seem like that is happening, they were waiting to hear from the seller's attorney, I guess they haven't heard anything. I am going to call again today, I hate to be a PITA, but it seems that's the only time stuff gets done.

My landlord also called this morning to see what is going on, and when we would be out. My realtors response "legally he can't kick you out" Is that a valid response? I know legally he can't but why would I stay somewhere where I am not wanted, I am already so freaking uncomfortable there, why would I make it even worse? This stress is driving me crazy!!!

Re: When did you lock in your rate?

You can lock it in anytime at this point since you're clear to close. I trusted my mortgage brokers advice on when to lock in. It was a few days after we got the clear to close.

Re: When did you lock in your rate?

I had my mortgage guy watch the rates and as soon as they raised we locked in at the lower rate

Re: When did you lock in your rate?

Most lenders will give you a 30 day lock, so if closing seems imminent (at least within the next 30 days), you will be safe to lock.

Worst case scenario, you can extend the lock (which will cost you). But if there is a delay that is caused by the bank, beyond the 30 days, you can fight for the bank to pay for it. A lot of times, the lenders will extend the rate at no cost to the buyer IF the buyer has done everything and the lender is just being slow due to no fault of the buyer.

But usually, your loan officer will advise you on when it's best to lock. Although I believe you said you are going through a mortgage BROKER rather than a direct lender (unless you are using that term interchangeably). But if it's a broker who is just placing your loan with a direct lender, it can be harder to trust the advice, because they are not as close to the underwriting and approval process.

However, once you have a mortgage commitment (that you have seen in writing!), and you are approaching the closing date contemplated by the contract, it's usually safe to lock unless there are outstanding conditions - such as a missing C/O that needs to be obtained, or a title issue to be resolved - that could significantly delay the closing date.

Your landlord can't literally kick you out -- it is illegal to evict someone without going through the legal process (going to court, giving proper notice). He can't just throw your stuff out on the street. At this point, to avoid further stress, can you just be honest with the landlord that there have been some unexpected delays, and you may need an extra week or two. Does he have another tenant lined up for April 1? If not, then maybe it's no issue for him, assuming you continue to pay rent. But I would just be upfront with him and try to work out something mutually agreeable.

But it sounds like the end is near for you... I think it's hard that this is a holiday week, but perhaps you will get a closing date for next week. Sometimes, there is only a couple of days notice and the attorneys will just schedule it, so if there's any day you CAN'T do, make sure your attorney knows that.

When did you lock in your rate?

I think we locked in two weeks or so ago. Closing today.

Re: When did you lock in your rate?

You dont necessarily have to lock in your rate.

When did you lock in your rate?

We had a 60 day rate lock in when our mortgage was pre approved pending a few finacial things (like proof of employment and other small things). The rate never got lower, even after an additional 45 days of extending due to issues with a CO.