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if i get preapproved will i also get a rate lock?

i want to get preapproved but i dont know how or when i officially know my final interest rate by viewillis.k279623136 from Goodrich, Michigan. Jan 16th 2015 Reply


Good evening!When purchasing a home your mortgage loan officer can lock your rate as soon as your file is submitted...

Jan 16th 2015
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,224 contributions

I have a "lock and shop" option, once you are preapproved your rate can be locked and you would have 45 days to find a home then 30 days to close after that. If rates get lower after you are undercontract and within 20 days of closing you can float the rate down one-time. I can handle loans in MI and most other states if you are interested.

Jan 16th 2015
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Jack Cyrul (Jack Cyrul)
#5 ranked lender in Michigan - 90 contributions

Once you have an excepted offer on a home you can lock in.

Jan 17th 2015
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,106 contributions

When you get pre-approved they don't lock in your rate automatically. Your interest rate will get locked when you and your loan officer have a discussion about it, then agree to lock it in. Speak with your loan officer about this the next chance you get. Best wishes, Sean

Jan 17th 2015
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Melissa Stutes (MelissaStutes)
#28 ranked lender in Hawaii - 97 contributions

Your loan officer will advise you on the best time to lock. Typically, you won't lock a rate until you have an accepted offer. Once you have a fully executed contract (signed contract), then you will want to ask your loan officer how interest rates are performing. At that time, you can start monitoring and/or considering locking in an interest rate. Best of luck!!

Jan 18th 2015
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