You can lock in a mortgage rate after you’ve made an offer on a house and have a signed purchase agreement. The mortgage rate lock, means that you have a specific mortgage rate “locked in” for a period of time (typically 30 or 60 days).
This rate lock means you’ll get that rate even if rates move higher or lower during the time your loan is being processed. Rate locks do expire and can cost a fee (basis points) depending on the rate and period.
With today’s rates near historic lows, a rate lock can be a good idea but a keen eye on closing dates is important as well.
Give us a call or schedule a meeting on our site and we can review your situation and see what best fits your needs!
