can I lock in a mortgage rate before purchase contract or offer? – Piggington's Econo-Almanac

This topic has 2 replies, 2 voices, and was last updated 10 years, 5 months ago by Wah-Wah.

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July 23, 2014 at 8:26 AM #21198

Wah-Wah
Participant

hi all,

I’m first time home buyer, going through the pre-approval process at my bank. I have a question regarding lock in a rate. When can I lock in an interest rate? can I lock in now before having an offer or contract? My bank’s loan guy said no but I’m not totally trust him.

Thanks

July 23, 2014 at 9:28 AM #777002

SD Realtor
Participant

No you must have an accepted offer in place in order to have the lender submit a loan application and then once that is done you can lock.

July 24, 2014 at 8:07 AM #777022

Wah-Wah
Participant

Thanks SD Realtor for clearing this up. Hopefully rate will stay this low for a few months.
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