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90 Day lock on Intrest Rates...

We just opened a new construction account with our local bank.  I've been told that we can lock in a fixed rate once we are within 90 days of transfering over to a fixed mortgage.  My question is Once we are within that 90 day period can we tell the bank to lock us in if it gets to a target rate?  I'd like to set a target of a 30 year mortgage at 4.5%.  Is there some sort of computer system that a bank would have that would automaticaly lock that rate once (and if) it hits our target 4.5%?
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July 23 2009 - Cowley
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That really depends on the bank.  However most banks are not set up to be that automated.  However it is do-able.

 
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July 23 2009
I highly doubt there's a computer system that will automatically lock it for you.  To me, locking needs to be done by humans to prevent error.

That doesn't mean the program is out there, or it will be like that in the future.

As of now, I have not heard of anything like that.  And you'll probably need to depend on a human this time around.
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July 23 2009
Talk with your loan officer at the bank and have a discussion with him or her about interest rates and when you should lock into your permanant loan.  Ask them how much 4.5% on a 30 Yr Fixed would cost you right now ( a lot) to give you an idea, then ask them what is a reasonable rate is for today. Weigh your options and consider the risks that you are willnig to take.  Good Luck!
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July 24 2009
 
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90 Day lock on Intrest Rates...
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July 24 2009 | 3 answers
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