Mortgage interest rates change daily – and occasionally they change during the day depending on the market’s volatility. Locking a rate is the most prominent part of securing a mortgage and needs to be done within the first week of getting a loan so that paperwork can be submitted to underwriting.
Obviously we want the best rate for you and we will be happy to share our opinions on the market before you lock, but please realize that we don’t have a crystal ball and don’t control the markets. If you like a rate, lock it!
Our recommendation: if you like a rate, lock it and don’t look back!
To lock an interest rate we must have the following in our possession:
- Your complete Loan Application
- All of your Supporting Documents
- Written confirmation that you want to lock (i.e. an email)
- For Purchases – your purchase contract and closing date
Once we have all the aforementioned items, we will send you an email with the updated rate and terms (via a Loan Summary worksheet) and ask for your permission to lock. To accept those terms and lock the rate we will require you to reply to that email by 4:00 pm to ensure everyone is on the same page and allow us enough time to lock before the end of business the day.
Please call us if you have any questions as we’re here to help.