When does the interest rate lock in?

Home Forums Purchase Program When does the interest rate lock in?

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  • #65022
    JR0312
    Member

    I saw that it’s down to 3.125 for a 30 year! We submitted my p&s agreement at 3.25 and think it may have locked in then?

    #65029
    lyndzie3407
    Participant

    Mine wasn’t locked in until I signed the loan estimate

    #65031
    JR0312
    Member

    Is that one of the bank app forms?

    #65032
    Nelsont
    Member

    Technically yes. You should have received an email asking you to click a link and confirm. The actual bank application isn’t done until after you get credit access approved.

    Confirming is also what triggers the bank to order an appraisal.

    • This reply was modified 2 years, 5 months ago by Nelsont.
    #65052
    JR0312
    Member

    @nelson I received my loan estimate via mail and the lock in rate from bofa shows 3.25. I guess it’s too late to get the 3.125 rate now?

    Also, the loan estimate shows a home cost that is $80 that it should be. This is probably a typo by my mc, is that an issue since it is only an estimate? What has me worried is the paperwork from bofa also reflects this incorrect amount

    #65057
    Peapod0609
    Member

    Yeah, your rate was locked in before you even received the loan estimate in the mail. It locks after the loan estimate is generated, I believe. Which is when your file is processed after you have an accepted contract.

    The only way to lower it before the bank app submission is to buy down your interest rate.

    #65070
    JR0312
    Member

    Jesus, its at 3% now. That would’ve saved me 3600 bucks lol

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