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we're approved for a mortgage loan why is it taking so long to lock in an interest rate?

  • June 28 2013 - Las Vegas
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Answers (10)

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  • October 25 2013
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Profile picture for Mike Archer
If your lender is not locking in your rate, you should call someone else.  The market can change quickly and your rate could be lost.  I can lock a rate for you while I am on the phone with you.  It only takes a few minutes.
  • October 25 2013
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Profile picture for George Roser
Remember you are the Captain of your ship, the home buying process starts with you. Your Lender,Realtor,Attorney.. etc.. all work for you!! If you have questions or concerns you need to ask them it is their job to give you the information so you may make a informed decision. There are many reasons your lender may not of lock rates yet (good reasons) but its their job to inform you so you can make a decision to wait to lock or not. 
  • October 25 2013
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Call your lender and ask them. Generally a lock is only good for so many days. If it expires it will cost you (or them more money). Maybe they have concerns on timing of close.
  • October 25 2013
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Assuming you have submitted all of your requested paperwork I would call the lender..

If you have been fishing around, and have not submitted any paperwork I would suspect that the lender thinks/assumes you are not a serious borrower and has not locked in the rate. Lenders get dinged for locking in rates and not following through.

*just a assumption, you need to tell both sides of the story.
  • July 08 2013
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Get on your lender!  If you have an accepted offer and have provided the lender with all of the documentation they asked for, it should not take long to lock the loan.  If there is a snag, the lender will know what it is – just call.

 

  • July 08 2013
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Have you found a property already? I know some Loan Officers don't like locking the interest rate if the Buyer has not found a property yet
  • July 01 2013
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Rates probably moved up and your loan officer never locked you in. 
  • July 01 2013
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Profile picture for GMerino
If you have a purchase contract or if you are refinancing and you have the desire to lock in a rate then your loan officer should honor your request.  Even the best could not have predicted a rush to increase in rates these last few weeks or so.  Yes, rates improved slightly this past week but who knows what holds out for the next week or so.  If you are expected to close within the 30 days, lock!
  • June 29 2013
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Are you sure you want to lock an interest rate. Your lender is probably looking for rates to go down. If you have not purchased a home you have plenty of time. But remember the rates could go up also. It is a guessing game when it comes to rates. Some loan officers have a good track record of following rate fluctuations. Bond markets are a major influence on rates. Ask your loan officer questions and let them keep you dated on where rates are. Thank You Suzie Marquardt
  • June 28 2013
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