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is now a good time to lock in an interest rate

im interested in geting a house within the next month or so with a conventional loan by plumcarson32478 from Poseyville, Indiana. Jun 9th 2015 Reply


Joel Asbury (Winterwood)
#44 ranked lender in Indiana - 34 contributions

The only unfortunate part is you can't lock in an interest rate until you've found a property and taken an application. I would be more than happy to help - please reach out to me anytime - either by phone 317-215-6687 - or by email at jasbury@winterwood.net. I'd be more than happy to discuss your inquiry and hopefully help you out! I'm looking forward to the opportunity to serve. Sincerely

Jun 9th 2015
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Elden Lewis (elewis_409_299)
#41 ranked lender in Indiana - 223 contributions

Interest rates have been on the increase as of late. The question is..... is the beginning of the long awaited sustained rate increase that the markets have been talking about or is it just another hick-up or knee jerk market reaction to recent economic data. The long and short is, nobody really knows. If you are in the market to buy in the next 30 to 90 days i would encourage you to get per-approved. Not per-qualified but per-approved!!. When you are per-approved you have jumped through all the hoops required to get a mortgage with the exception of the appraisal. Once you find the property you could easily close in less than two weeks. You can lock a rate ahead of time but for how long? The longer time period you lock the rate the higher the rate will be. So you want to put yourself in a position when the time comes to make an offer that your lock will not have expired. You can usually lock for 30, 60 or 90 days and in some cases even longer. So , what should you do? All i can do is to give you information to make your choice. Indicators and forecasters are expecting rates to continue to go up. But many many time the big Wall Street firms have been wrong. My name is Elden Lewis with Guaranteed Rate in Indianapolis, IN. If you need any further assistance please feel free to reach out to me at 317-225-4868. https://www.guaranteedrate.com/eldenlewis http://www.indianapolismortgageguy.com/

Jun 9th 2015
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,041 contributions

You cannot lock in a rate until you have found a home, get an accepted purchase contract agreement, completed and submitted an application with the lender, and provided all your supporting documentation.. Once your at the point, you can lock anytime up till the loan doc's are drawn. Also, rate locks go in increments of every 15 days.. so 15 days, 30 days, 45 days, etc.. the longer the lock period, the more it costs.. Rates are definitely going up.. we've been saying this for the past year.. if your seriously entertaining the purchase, you need to apply right away.. the higher the rates go, the less buying power you have.. 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

Jun 9th 2015
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Derick Condron (rightstartoregon)
#33 ranked lender in Oregon - 597 contributions

Rates are on the rise if you are looking to purchase soon I would get off the fence and start looking. Once you have a fully executed contract you can discuss locking your rate with the lender

Jun 9th 2015
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Lorne Harvey (lorneharvey)
#81 ranked lender in Washington - 419 contributions

If I pre-qualify you, I can lock your rate while you shop for a home! Only for the absolutely serious buyer.Apply now at www.loanharvey.com

Jun 9th 2015
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Ron Pippin (RonPippin)
#26 ranked lender in Utah - 157 contributions

Get a home and lock. Though on the rise, interest rates are still great.

Jun 10th 2015
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,109 contributions

The first step would be to get pre-qualified first. There are some lenders who can lock in an interest rate without a property, but I don't think this is wise since you don't know how long it will take you to get under contract and the amount of time it takes to close your loan once you do. Wait until you are under contract before you lock in an interest rate. Contact a local loan officer to get the process started and get your pre-approval so you can be ahead of the game. There are some great loan officers in Indiana in this thread to choose from. Best wishes, Sean

Jun 11th 2015
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