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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Buyers, when did you choose a mortgage co/lock in rates?
We're going to contract the end of this week, but a mortgage agent said not to bother choosing a mortgage co. and locking in because our on or about closing date is Feb. 28, and any 30-day rate locks would have expired.
When did you commit to one bank/lock in your rate? It seems late to wait almost 2 weeks after signing contracts, but I guess it doesn't make sense since the rates could change in 2 weeks? 
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Posted 1/13/09 7:23 PM  |
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Prudential Douglas Elliman Real Estate
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SuzyQ
Mama to 3!?!?!?
Member since 7/06 8069 total posts
Name:
Susan
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Re: Buyers, when did you choose a mortgage co/lock in rates?
we had a quick turn around (bid on 7/5, offer accepted 7/6, closed on 7/20) so we locked pretty soon after our offer. I think it was approx. 10 days after our offer.
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| Posted 1/13/09 8:18 PM |
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cindy104
This is my "Baby"
Member since 6/08 1522 total posts
Name:
Cindy
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Re: Buyers, when did you choose a mortgage co/lock in rates?
maybe you can get a 60 day lock-in rate? We locked in for 60 days....prior to even finding a house.
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| Posted 1/13/09 9:01 PM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: Buyers, when did you choose a mortgage co/lock in rates?
Posted by cindy104
maybe you can get a 60 day lock-in rate? We locked in for 60 days....prior to even finding a house.
to lock in for 60 days we have to pay the equivalent of 1 point. that's why i am reluctant. 
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| Posted 1/13/09 9:22 PM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: Buyers, when did you choose a mortgage co/lock in rates?
You should find a bank that you like and let them float the rate for you. Then as you get closer to the on or about date then I would lock in. I would have the bank ready to go in case all parties are ready close to your on or about date. You can still close on that date or a week later doesn't mean you will close the end of March unless there is a problem.
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| Posted 1/13/09 10:29 PM |
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MrsO
Big Brothers to Be
Member since 1/07 4521 total posts
Name:
Maureen
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Re: Buyers, when did you choose a mortgage co/lock in rates?
We locked after we signed the contract - for 60 days. There was no fee to lock. Maybe the fee they are charging you will get back at closing
Message edited 1/13/2009 11:07:34 PM.
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| Posted 1/13/09 11:07 PM |
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SpiceGirl
Dream big
Member since 1/06 2486 total posts
Name:
j
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Re: Buyers, when did you choose a mortgage co/lock in rates?
I didn't lock in until about 3 weeks prior to closing. I cut it close...but my mortgage guy at Wells Fargo (who is awesome, BTW), got it done.
IMO...don't pay extra to lock in for 60 days. I think rates are going to drop.
Good luck...and congrats on the new home!
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| Posted 1/13/09 11:11 PM |
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VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
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Re: Buyers, when did you choose a mortgage co/lock in rates?
We never locked a rate. We gambled with the rates because they were fluctuating so we closed at a better rate than if we would have locked right away.
Now, our CU had all our paperwork and we had our committment letter and everything. They did the final paperwork the day before closing, so I guess that's when we officially locked in.
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| Posted 1/14/09 8:46 AM |
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dpli
Daylight savings :)
Member since 5/05 13973 total posts
Name:
D
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Re: Buyers, when did you choose a mortgage co/lock in rates?
We got a 60 day lock, and we were hoping to close about 60 days after we signed the contract since we had nothing to sell and the owner had a place to move to. As it turned out, the lock would have expired about 10 days after the closing date.
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| Posted 1/14/09 10:49 AM |
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PotofLuck06
Our Baby Boy Is Here!!!
Member since 11/06 13241 total posts
Name:
Betsy
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Re: Buyers, when did you choose a mortgage co/lock in rates?
We went with HSBC and ours lasted 90 days, so we had no worries. We closed in 30 days though from our lock in when the inspection and contracts were signed.
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| Posted 1/14/09 11:23 AM |
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RocPin
Life's Beachy <3
Member since 2/08 6765 total posts
Name:
Heather
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Re: Buyers, when did you choose a mortgage co/lock in rates?
I just locked in yesterday and my closing date is set for less than 2 weeks away on the 26th. I was advised to wait too and I thought it was odd but it all worked out and the longer I waited the better rate I got.
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| Posted 1/14/09 12:30 PM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: Buyers, when did you choose a mortgage co/lock in rates?
Posted by RocPin
I just locked in yesterday and my closing date is set for less than 2 weeks away on the 26th. I was advised to wait too and I thought it was odd but it all worked out and the longer I waited the better rate I got.
Great--did you get approved and decide on a bank, but then just wait to lock in? I don't know if we should continue to shop around...
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| Posted 1/14/09 1:02 PM |
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RocPin
Life's Beachy <3
Member since 2/08 6765 total posts
Name:
Heather
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Re: Buyers, when did you choose a mortgage co/lock in rates?
Posted by nov04libride
Posted by RocPin
I just locked in yesterday and my closing date is set for less than 2 weeks away on the 26th. I was advised to wait too and I thought it was odd but it all worked out and the longer I waited the better rate I got.
Great--did you get approved and decide on a bank, but then just wait to lock in? I don't know if we should continue to shop around...
Yes, we went to 3 lenders and chose the one that seemed like the better deal all around and gave us the best good faith estimate. When we put our offer in we knew the lender we were going with but we didnt have a rate yet. When I first started looking the rates were around 6.5% and because we waited, we now got a 5% rate. Best decision for us was to wait. There is no crystal ball but I hear the rates will be in the 4's by the end of Feburary.
Good Luck!!
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| Posted 1/14/09 2:33 PM |
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