can I lock in a mortgage rate before purchase contract or offer?

[Wah-Wah]

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

[SD Realtor]

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.

[Wah-Wah]

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

[Author]

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