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I need to lock in on my new home mortgage loan-however my loan will not close until mid or late Feb.How soon will rates increase?

by nmarchione12910 from Lompoc, California. Nov 5th 2015 Reply


Mark Hemingway (SFSLend)
#1 ranked lender in Colorado - 616 contributions

hard to say exactly where rates will be in 30 to 60 days. The trends are that rates will move up at some pace. But a lot depends on what the Feds decide to do next month. There are a lot of moving parts when it pertains to rates and movement of the pricing of rates. Most lenders will only let have up to a 90 day lock. Anything more is not reasonable in the additional costs you would incur. I try to tell people to try to do no more than a 60 day lock. But mainly you need to just watch rates daily or have your mortgage professional assist you in this.

Nov 6th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 8,092 contributions

Typically, your lender will not allow you to lock in until your within 30 to 60 days of closing.. and it sounds like your doing a construction loan, so in your scenario, I wouldn't lock in until you have an occupancy certificate in your hand... there's so many things that could delay the property from being finished that more than likely, you would end up blowing through your rate lock.. so I suggest you don't lock until the inspector says it's habitable. As far as rates go, well... no one has a crystal ball.. so it's a dice roll and it's out of your control. This I can say for sure.. when rates go bad, they usually go down quick and in big chunks.. but when rates improve, they go slowly and over larger spans of time.. when your able to lock, I wouldn't sit there contemplating... just lock it in and don't look back.. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Nov 6th 2015
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Ed Campbell (EdCampbellVA)
#80 ranked lender in North Carolina - 22 contributions

You can find a lender that has a 180 day lock, we have them.

Nov 9th 2015
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