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Can we lock in a interest rate?

My Wife and I have credit scores over 700 we want to buy using a VA loan we are almost at our two years from our foreclosure can we lock in a interest  rate now even though we are a few months away from being eligible?
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October 23 2013 - La Mesa
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Answers (8)

Best Answer
In order to lock in any interest rate, you must qualify and enter escrow. The lock is typically only for 30 days, but can be locked a little longer (like 45 days with additional costs to the borrower). When a Lender locks an interest rate, it is providing a commitment to its investor (Ginnie Mae in your example, or possibly another, pending your Lender's relationship). If the commitment is not met, then it can typically frowned upon by the investor. This can be ok under various circumstances, as long as it's not a habit by the Lender to leave their commitments to the investor unfulfilled.
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October 23 2013
Profile picture for parishpest
These are great answers thanks. Can you get pre-qualified for a specific amount before the time were eligible?
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October 23 2013
Since you are getting close it wouldn't hurt to start getting in contact with some lenders to get things rolling. I suggest you start speaking with lenders so we can start guiding you of what to do throughout the next few months. Lenders like myself would be glad to speak with you to help you get started. So if you have any further questions or need a loan, feel free to contact me.

Good Luck!
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October 23 2013
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We could lock you in as long as you were undr contract for a property.  Feel free to contact me if interested.
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October 23 2013
Profile picture for Bob Cusick
You should definitely pre-qualify before looking for a home to purchase.  That way you know what your interest rate will be and how much you can borrow.
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October 23 2013
There are many lock and look programs that would allow you to look on a to be determined property.  The problem that you would have is being months away from completing your foreclosure date and you need an approved loan.

Please make sure that when you are ready to take application that you have your information regarding your foreclosure, the mortgage company should be able to provide you with when the foreclosure was completed.  We know that it will show up on your credit report but it is always good to have for your record.    
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October 23 2013
Lock would be associated to property address. 
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October 23 2013
need to locate a home and get into a purchase  contract  before you can lock a rate
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October 23 2013
 
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Can we lock in a interest rate?
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October 23 2013 | 8 answers
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