Locking in a rate - how is this one?

So, it has been a long road for DH and I, but we are finally moving forward with a home in an area we love! We are in contract and just cleared to close by the bank. We are working with a mortgage broker (DH's cousin) and he said today we could lock in at 4.125% . . . 30 year fixed, no points or fees or anything. Should we lock it in? We could do a 15 day lock and get a better rate, but that seems risky, in case something happens and we can't close in 15 days. Thoughts?

Re: Locking in a rate - how is this one?

You should talk to your attorney and ask what the "on or about" closing date is in your contract. In general, either party has up to 30 days after the date in the contract to close. Your lock in should not expire before that 30 day period runs out. So, if your "on or about" date is December 1st, then your lock in should go until December 31st. Check with your attorney and they should be able to help. Good Luck!

Re: Locking in a rate - how is this one?

that seems about right....dh thought we could get around 3.99% for a 30 year fixed

Re: Locking in a rate - how is this one?

It's a good rate. Not much better out there.

Re: Locking in a rate - how is this one?

Thats a good rate but how are you clear to close if you don't have a mortgage yet? If the 15 days is within your on or about date I would go for it.

Where did you buy? Congrats on finally finding something!