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I am due to go to closing on my new house on December 29, 2009. When should I lock in my rate?

  • November 05 2009 - Waldorf
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Answers (6)

Hi Dee,

You did notice this post is almost a year old, and Sanctified closed Dec of 2009, right?
  • November 08 2010
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Hi Sanctified,

Your best bet is to speak with your loan officer. Since the rates are changing daily if not hourly, he will be able to guide you and notify you when you should lock your rate. I think 30 days before closing is good, however I suggest that you speak to your loan officer.
Hope this helps and good luck with your new home.

Dee Campbell, Realtor
Keller Williams Realty
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  • November 07 2010
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Profile picture for SANCTIFIED

HELLO EVERYONE

Thank you for your responses.  Obviously, I will discuss loan options with my Lender but I wanted to get some feedback on the market right now.  Thanks again and have a blessed weekend!

  • November 06 2009
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Depending on the loan amount. But it would be cheaper to refinance the loan to a better rate than it would to pay all kinds of points to lock in for an extended period. Rates go up and down every three to six months.
Take care,
Philip
  • November 06 2009
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Profile picture for Ofe Polack
You totally need to discuss this with your lender.  Rates are very volatile, anything impacts on them.  30-days prior to closing may be your best bet, but PLEASE discuss it with your lender.
Good luck in your new home!
  • November 06 2009
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Hello Sanctified....this is something you should be discussing with your loan officer. Obviously, the shorter your lock period, the cheaper your loan. However, rates are very volatile. I would say you want to really start thinking of locking at 30 days or less, but if you are nervous about rates increasing, discuss a longer lock term with your Loan Officer. Hope these comments help you. Jim
  • November 06 2009
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