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vina
LIF Zygote
Member since 4/08 1 total post
Name:
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Mortgage Lock in
Hi Guys,
I am new to this board, but my DH and I are house hunting, I noticed some of you mentioning locking in a mortgage rate. How did you do that?? I spoke with BOA & Country Wide today and they both told me we had to have a contract to lock in. Is that true, who did you lock in with??
Thanks
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Posted 5/6/08 6:22 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
MrsYank
She's here :)
Member since 4/07 3238 total posts
Name:
Mrs. Yank
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Re: Mortgage Lock in
I would have a contract as lock expire and they cost .5 point (or something like that to extend), plus they cost $$ to lock in.
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| Posted 5/6/08 6:34 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Mortgage Lock in
Depends on the bank. Most banks will require a signed contract. Some won't. You have to ask.
Some banks don't even charge you to lock in (as long as you paid a standard application fee). You have to shop around.
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| Posted 5/6/08 8:44 PM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: Mortgage Lock in
If you are house hunting I would not lock in a rate as it is only good for a certain period of time and you want your lock rate period to cover your on or about date in your contract plus 30 days past that since under the contract you have 30 days from the on or about date to close. If you lock in your rate and don't close by the rate lock deadline you will have to pay a fee to extend the rate.
If you were in contract to buy a home and you didn't receive signed contracts back yet then I would think about locking in.
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| Posted 5/6/08 8:53 PM |
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