Can you lock in a mortgage rate before you are ready to get a mortgage? We have to sell our home first.

Asked by Rosalind, Saint Clair Shores, MI Tue Apr 22, 2008

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Ricardo Bueno, , Los Angeles, CA
Tue Apr 22, 2008
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Rosalind,

Not to be repetitive (and I apologize to everyone else) but this link explains rate-locks a little further: http://www.industry-report.com/ricardobueno/2008/01/lock-or-…
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Ricardo Bueno, , Los Angeles, CA
Tue Apr 22, 2008
Pre-approval is required in order to "Lock-In" your mortgage rate. Of course this should not deter you from getting started on the process since an initial approval is NOT a commitment to lend (what I mean is that you do not acquire the new mortgage debt until you sign "closing loan docs.").

So again, if you apply for a mortgage today and receive approval, you're eligible to lock in your rate... In the event that your home goes into escrow on a 30-day escrow, you can lock-in your rate for 45-, 60-days since your new purchase will be contingent upon the sale of your existing home. If your home for whatever reason doesn't sale, you're not committed to a new debt obligation and everything is as they say, "A-Ok!"

I hope that helps!
0 votes
Larry Story, Agent, Greensboro, NC
Tue Apr 22, 2008
Rosalind,
Some companies will actually let you lock in a rate. Some charge a fee for this service and you can only lock the rate in for a limited time. So if you pursue this make sure to read the fine print.

Larry Story
Coldwell Banker Triad
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