Interest rate for home loan?
Tuesday, May 11th, 2010 at
10:04 pm
I am in the process of buying a home and securing financing. When is the interest rate finalized? I have not locked-in a rate; do I have to lock in an interest rate? if I don’t lock in a rate, when would I know the interest rate, and when would I get the opportunity to decide to pay points on the loan?
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The rate is final when you “Lock it in” Yes you must lock in at least 2 weeks prior to the closing otherwise the loan papers will not be ready in time. You have until you lock in to shop for a better deal, negotiate with the current lender. But again do not wait. Too many buyers miss their closing date because the waited.