Ask Kate! How To Lock A Mortgage Rate

By Laura from Alexandria, Virginia, USA

Ask Kate How To Lock A Mortgage Rate: Hi Kate, I am searching for a home and have not yet found one to put in an offer. I have seen the rates go up and down the last two months and wonder when could I lock in a rate?


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Do I have to have a contract offer in order to get and lock a rate?

Kate Answers: Ask Kate! How To Lock A Mortgage Rate

Dear Laura,

Locking an interest rate, what a great mortgage question! In fact, the first step to locking is knowing what to ask.

It certainly makes sense to me that home buyers want the security of a mortgage rate lock while they are house shopping - a lock while you shop program - especially to get the best mortgage rate while they are so low.

Interest rates are not predictable so don't miss my mortgage rate lock guarantee I gave to my each of my clients before I retired.

Working at different mortgage companies and especially as a mortgage broker, I never stopped being amazed at the different spins lenders put on locking a mortgage rate. So to answer your question - It is very important to ask each lender how they treat a mortgage rate lock.

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Successful Money Management

We formed our community of ordinary people, with a passion for creating a legacy, fulfilling dreams, and reaching goals.

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My friend Robin discovered a little too late that there was a better way to choose a lender. It wasn't her fault. They don't teach this stuff in school.

So, I'm sharing this secret that I learned from 20 years in mortgage lending with you. "Knowing what to ask is the first step to getting it."

Here are questions to ask for low mortgage payments, mortgage rate locks, and more! Qualify your lender before your lender qualifies you!

Happy home shopping.

Best wishes and good luck,

Ask Kate
Kate Ford


P.S. Go to my Best Mortgage Rate Blog, an entertaining source of mortgage information. Subscribe now to the RSS feed.

THE MISSION - Create 100 Millionaires by 2012

Successful Money Management

We formed our community of ordinary people, with a passion for creating a legacy, fulfilling dreams, and reaching goals.

Now we leverage the internet... Super Kate invites you to Come See!


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The information you obtain at this site is not, nor is it intended to be, a substitute for financial, real estate or legal advice. You should consult an attorney, accountant, lender or real estate agent, as applicable, for advice regarding your individual situation. Comments and opinions found here are not necessarily those of Get-Your-Best-Mortgage-Rate.com

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Finding The Help You Need For Locking Rates

My Interest Rate Lock Guarantee - Help for timing your rate lock.

The best solution to avoiding hidden fees is to ask the right questions before you lock mortgage rates.

All about getting mortgage broker fees in writing - Otherwise your rate lock is meaningless!

How good is a mortgage interest rate lock guarantee? In the end, you have to read your lender's paperwork.

Because Yield Spread Premium is a common reason for losing your rate lock, here is the insider scoop on this odd sounding term.

Questions to Ask BEFORE You Lock

Ask Kate about locking - Ask a question and get an answer from Kate.

Search Readers' questions and Kate's answers at Mortgage Rate Lock Center









Ask Kate! How To Lock A Mortgage Rate - In fact, the first step to locking interest rates is knowing what to ask.