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The Deep Secrets of locking interest rates - Mortgage Interest Rates in New Jersey - Locking your Home Interest Rate


locking your interest rate


Information on locking your mortgage interest rate, securing that home interest rate, can be very important at times. This information should be given to the borrower when shopping for a mortgage. What I know is that not all loan officers or lenders are on the same playing field when giving you such information to when and how you can lock your mortgage interest rate.

Current interest rates are at an all time low. Many are seeking a low interest rate and this is usually the first thing on the borrowers mind.  Your focus should not be on the best interest rate. What you should know is not always told to you.

So when are you allowed to lock in your mortgage interest rate? There is only one answer. Can you guess it?



list of when you can lock in your mortgage interest rate

Lock-in period for your mortgage interest rate :


 - Once the appraisal has been completed

 - You don't know, because you were never told

 - 5 days prior to your settlement date

 - At the time of application

 - Once your mortgage application has been approved

 - You don't know, because you never asked



So what do you think the answer is? Hey Johnny, tell us that answer....

~ At the time of application ~


A very simple answer. And believe it or not, just recently, I have heard these other answers when borrowers were shopping for mortgage interest rates. In some cases, when I even asked a borrower, once they picked someone other than myself, if they were locking in at that moment.  Some would say, "we didn't go over that part." Huh??? My common sense thinking then says.. well, how do you call that shopping properly. Think about it.  If I offer you the lowest interest rate with low closing costs, and it beats everyone else out, yet I don't or can't lock you in until down the road???  Think about it... who is to say that loan officer would be ethical enough to still give you that great deal.  Do you know what the biggest excuse is when not offering the same rate later on in the process? Mortgage Interest Rates have gotten worse. People, rates move daily, sometimes two to three times a day.


Why does it seem to be a deep dark secret about telling the borrower about the procedures of locking in an interest rate?

Maybe so they don't have to honor what they promised you?  Or what they guaranteed you? Ah, sales talk, promise and guarantee, yet they don't have you sign a lock-in form and you are still floating 10 days into the mortgage process. Not saying that you have to lock-in at time of application, but if this is not explained to you properly, will you be getting the best rate?



Summary : When shopping for that mortgage, aka shopping for that mortgage interest rate (since everyone wants that lowest rate), just be very careful. If the loan officer that you are dealing with doesn't go over the specifics of when and how to lock in your home interest rate in the beginning, seek someone else. Even though some of you have heard that the government has come out with some checks and balances on the good faith estimate, there are still loop holes on how and when things can be changed, and why. Again, just be prepared and armed with good solid information before you shop for that mortgage interest rate.



Some tips on shopping for a mortgage :



What triggered my mind to write about this post was something that John Cannata wrote, My hand is not in your pocket, so don't reach in mine. And for the fact that I read someones post about when you can lock in, and it was very misleading and incorrect.





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Copyright © 2011 by Jeff Belonger of Infinity Home Mortgage Company, Inc

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