Can I lock my rate before finding a home?
You can sometimes lock a rate before finding a home. Usually you lock once you have a property under contract, but some lenders offer a lock-and-shop program that secures a rate for 60 to 90 days while you house-hunt. It protects you from rising rates during the search.
Lock-and-shop sometimes costs a small fee or a slightly higher rate. If rates look likely to climb, it can be worth it. We'll tell you whether locking early makes sense given the market.
Lock-and-shop options
Some lenders offer a lock-and-shop program that lets you lock a rate before you have a signed contract, sometimes for 60 to 90 days while you house hunt.
This protects your rate in a rising market, so you can shop without worrying that rates will climb before you find a home.
The trade-offs
Extended locks may cost a small fee and can have a slightly higher rate than a standard 30-day lock. If rates fall, some programs let you float down.
We can set you up with a lock-and-shop if it fits your timing. Apply now and we will explain the options.
Verify the details for your own situation against these government and agency sources: Freddie Mac Primary Mortgage Market Survey and Federal Reserve H.15 selected rates.