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Do lenders have to lock in your rate before appraisal?

I just want to make sure that I am getting the best rate for my value and don't want to be taken advantage of. by KWoodward13 from Santa Cruz, California. Jun 12th 2013 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,455 contributions

No.. you can lock in your loan at any time after submission, however if you decide to float, then your subject to the rate fluctuations. Typically, we don\'t advise locking in the rate prior to the appraisal and all inspections are complete.. .. I’m a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Jun 12th 2013
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,455 contributions

No.. you can lock in your loan at any time after submission, however if you decide to float, then your subject to the rate fluctuations. Typically, we don\'t advise locking in the rate prior to the appraisal and all inspections are complete.. .. I’m a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Jun 12th 2013
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Manuel Gonzalez (mmortgage1)
#92 ranked lender in New Jersey - 89 contributions

With the volatility these days, I advise you work with a lender who allows you to return to float after you locked. Allthough there is a cost involved. Its the best option, the market is too unstable and you could miss out on even being in the 4\'s. Call me any time, I have 53 lenders on my roster and about a dozen of them have the return to float option. Manuel

Jun 12th 2013
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Dan Conley (OmniFundInc)
#928 ranked lender in California - 119 contributions

No you do not need to lock in the rate before appraisal. In fact its better if you don\'t lock in a rate until get the final value in from the bank. This will allow for the most accurate pricing in your situation. Let me know if you would like for me to work up a quote with your parameters. I can be reached at 619-889-3294. Dan@omnifund.net. or you can visit the site for rates at omnifund.net

Jun 12th 2013
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Sean McCay (Sean.McCay)
#587 ranked lender in California - 4 contributions

No... you can decide to float your rate all the way to docs being cleared. Once your loan is clear and approved from underwriting you can decide to lock and doc your loan at anytime. Please keep in mind that your appraisal is usually only good for 90 days. Give me @ New American Funding Direct @ 1-800-450-2010 x 7683.

Jun 12th 2013
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The loan can be locked at any time up until loan documents are ordered. It must be locked when closing documents are ordered for obvious reasons

Jun 12th 2013
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

No. Lock any time.

Jun 12th 2013
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James Mazzola (Mazzola)
#111 ranked lender in New Jersey - 313 contributions

No..

Jun 12th 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

No, but once a loan is locked you can\'t 2nd guess. Hindsight is always 20/20 and when rates are on the rise and you lock, then the come done for an hour don\'t feel like you missed anything because the ARE going to come up.

Jun 12th 2013
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Michael Kirkutis (MichaelKirkutis)
#34 ranked lender in Connecticut - 13 contributions

No, usually you can lock in the rate at a later point by floating the interest rate with the lender. By floating you are subject to market fluctuations which means the rate could go up, down or stay the same. I am only licensed in CT. Michael A. Kirkutis, CT DOB NMLS #111599, MAK Mortgage Company, Inc., CT DOB NMLS #103552. MORTGAGE BROKER ONLY, NOT A MORTGAGE LENDER OR MORTGAGE CORRESPONDENT LENDER. www.cthomemortgageloan.com.

Jun 12th 2013
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Jason Vondrak (jvondrak)
#217 ranked lender in California - 1,741 contributions

No, you can lock your rate in at any time. However, the longer you wait to lock the more risk you take with potential rate increases.

Jun 12th 2013
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Peter Botros (PeterBotros)
#71 ranked lender in New York - 895 contributions

no

Jun 12th 2013
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Peter Botros (PeterBotros)
#71 ranked lender in New York - 895 contributions

no

Jun 12th 2013
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,232 contributions

It's your choice when to lock but the rate is subject to change at any time until it is locked. We offer a float down if rates improve after you lock. As you see in other answers, some brokers have options where they can unlock the loan and then re-lock it.

Jun 13th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,791 contributions

Most lenders allow you to lock in your interest rate anywhere from right after initial application, up to about 10-days before closing. The decision to lock a rate, and when to lock a rate, is 100% the clients choice. www.MinnesotaBestRates.com

Jun 13th 2013
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I just got home after screaming at my loan guy at credit union. He quoted me a rate of 4.125 for REFI so I did application and paid $650 for appraisal. Appraiser came a week later but bank told me they wouldn't get report for 3 weeks after that. Now last week they tell me the election made the rate jump to 4.375. I said isn't my rate locked?? Nope. I said well lock it now before it goes up even more!!! Nope. Refuses to lock until appraisal is back. Every day costing me $!!! I am livid. He knew that interest rate was critical to me. Why didn't he tell me it could change ??? I told him to forget the whole thing but I want copy of appraisal I paid for. Guess im.starting over. Bastard!!!

Nov 18th 2016
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