How (& where) to lock in an interest rate for new home purchase? (I have 800+ FICO)?
I have AAAA credit and am prequalified for an FHA loan already – but the mortgage broker says the rate is not locked in (until I choose a property/deal).
Who has he best deals and how can I lock in a rate before I choose a house (it may take a month for me to find a house)?
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Many lenders requires a property before you can lock. Really all of the ones I work with except for Wells Fargo Wholesale requires a property, so see if your broker works with them. Remember that if you are trying for a long term lock of 60-90 days your rate is not going to be that fantastic (the longer the lock the higher the interest rate). I suggest having a broker lock it in currently with one lender at 90 days (that’s usually the longest lock) and then if the market has improved when you are ready to buy you may be able to get a better rate and the broker can then lock at a different lender. THis is the fantastic thing about using a broker and not a bank.
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