LoveToKnow Mortgage:AllComments

Comments

Kendra, congratulations on the low interest rate, and good luck finding a home!

-- Contributed by: Tamsen Butler

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Yes, in fact there are lenders that let you lock in rates for a fee. I was one of them! I hadn't yet picked out a property and our mortgage company allowed us to lock in an awesome interest rate. Good info.

-- Contributed by: Kendra

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David, thank you for your comments. There are indeed some lenders who allow borrowers to lock in an interest rate on a preapproval (for an example, visit www.penfed.org and look at the mortgage website). Applicants should be forewarned that there is often a fee associated with locking in an interest rate with a preapproval, but it can be done.

-- Contributed by: Tamsen Butler

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I have been in the mortgage business for 8 years and there's not one lender I know of that can lock in a rate while a borrower searches for a home! Part of the lock process requires you to identify the subject property. Your statement that "Many are able to allow pre-approved buyers to lock in an interest rate for a certain period of time while still investigating their real estate options" is false. Please do not give borrowers false expectations. This business is difficult enough already! Thank you, David Fili

-- Contributed by: David Fili
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