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How far out can I lock in rates

I'm having a 680,000 home built but it won't be finished until mid November. I'd like to know how far out can I lock in rates? We would love to capitalize on the low rates being offered. Any suggestions? We would probably do an 80/10/10 if possible.
  • June 11 2010 - Washington
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Answers (8)

It depends on the lender, but some will lock as far as six months out, however, they may charge a fee up front for an extended lock. 
  • June 11 2010
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Profile picture for brg5673
We are comfortable with paying a fee because with interest rates in the 4.6% to 4.8% range right it makes sense to lock that in for 30yrs fixed. Do you know of any lenders that would offer the 6 month rate?
  • June 11 2010
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Yes, but it would cost .625% ($3400) up front.  However, they do not do 80/10/10.  They do not have subordinate financing up to 90%.
  • June 11 2010
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Profile picture for funds2
You obviously were pre-approved before construction began, so what is that lender telling you as far as availability of long term locks?  There are investors that will go out 6 months and longer but real question is do you really need to pay a substantial fee for a long term lock.  If you go back 6 months ago, paying $3,400 or so for a 6 month lock would not have been a good use of one's money. Whether the next 6 months will be similiar is anyone's guess, but an in between position is lock in when you know upward trend is occuring.(not just a daily market blip) You may only be 90 days or less away from completion date when and if that occurs so fee would be small or non existent.
  • June 11 2010
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In most cases you can lock for up to 60 days.  Any longer than 30 days normally will change the cost of the rate. [link removed by moderator]
  • June 14 2010
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Phil,
If you are going to break the rules and spam you might save it for an area you cover........
  • June 14 2010
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Profile picture for getpreapprovedfast
usually about 120 days max, with no upfront fee.
  • July 18 2010
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Profile picture for Chris Corica
As others said it varies from lender to lender. Some banks will only lock 60 days out, others 120, some beyond that. If you're going to shop around, compare similiar lock periods and the fee's associated with that lock.
  • July 18 2010
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