How long can you lock into a mortgage rate for?

[beastboy]

Anyone??

 

[rudedawg]

I believe it is 30 days. Not positive though. Might depend on the lender also.

 

[CJA]

up to 30 years.

 

[beastboy]

up to 30 years.

funny...I meant before closing the loan.....

 

[rudedawg]

Common terms for lock-in periods range from 30-90 days, but lenders may offer lock periods for a greater or shorter amount of time. The longer the term, the higher the fees tend to be. Ask the lender how long it will take to process and close the loan, and determine the appropriate lock term accordingly. Try to get a lock-in agreement for at least this period of time. In home purchase situations, locking for an extra 15 days beyond the scheduled closing date will offer added insurance in the event of unexpected delays in the purchase/approval process


Hope this helps.

 

[growin']

It varies, I locked into a loan a few months ago that had a 270 day period. This is nice, because the bastards building our house just bumped back the closing date 2 months. Ironically, this bullshit is providing me with near super-human strength, which is nice because I am testing my squat, bench, and dead maxes this week. Oh what a wallop of aggression can do

 

[beastboy]

It varies, I locked into a loan a few months ago that had a 270 day period. This is nice, because the bastards building our house just bumped back the closing date 2 months. Ironically, this bullshit is providing me with near super-human strength, which is nice because I am testing my squat, bench, and dead maxes this week. Oh what a wallop of aggression can do

See I'm looking to start construction on a house in July and want to take advantage of the good rates right now.....what bank did you go thru? Were there any extra fees with that.....?

 

[growin']

I went through Wells Fargo, and there were no extra fees. The lock in special was for conventional loans, arm loans, and whatever the other type is. I went with a 7 year arm loan and locked in at 6.125% for those seven years. We plan on moving in about 5 years, so I don't really care what the rate is going to be down the line, cause I won't be there!

 

[Bullit]

I got a 10yr mortgage at 6%