When Can I Lock A Rate?

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CHARLOTTE – One of the most common questions in this market is when I can lock an interest rate? It is an excellent question, in which can be answered very simply.  The interest rate is tied to a property address; therefore, as soon as one is under contract, with a closing date, they can lock in the interest rate.  The reason for adding “with a closing date,” is that interest rates are locked, typically, in increments of 15 days.

It is very common to see options provided with a 30-, 45-, or 60-day lock-in period, which needs to encumber the entire closing period.  For instance, if your closing is 50 days from the day of contract, you would need to do a 60-day lock.  If it is only 25 days from the time of contracting, it can be a 30-day lock.  So then one may ask, “why wouldn’t everyone do a 60-day lock?” The answer is as expected.. the shorter you lock an interest rate for, the ever so slightly better it becomes.  So, typically, the best deals can be given when an interest rate is locked for 45 days or less.  Now keep in mind, if you have a long closing date (more than 45 days) and you decide to wait for that 30-45 day lock, the market can adjust daily and the rates could move up, or down.

All in all, before locking in, if you would like to converse, feel free to reach out (704) 430-6138 / brandon.wolf@primisbank.com) at any time.

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Brandon Wolf
Brandon was born and raised in the Mint Hill area and graduated from Independence High School. He went on to play college baseball at Wingate University. Brandon met his wife at Independence HS, dated all through HS, college and got married right after college (they have a little boy due in September). Brandon has been a Mortgage Loan Officer, in Mint Hill, for over 7 years. "Mint Hill is more than the place I work, it's been my home. I grew up, played baseball, met my wife. I truly love helping people get mortgages in this town I have always called HOME" says Brandon.