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Locking in mortgage rate now vs 1-2 months?

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  • Locking in mortgage rate now vs 1-2 months?

    We are building a home and are about 1-2 months out.

    Our bank is pushing us today to lock in a rate of 4.37% for a 30 year mortgate. They are saying it's only going up. Our credit is 750 plus range.

    My questions: would others do that now? How much value in getting multiple quotes from other lenders or is the rates typically fixed anyways?

    And yes the wife and I are still arguing on the 15 vs 30 year issue

  • #2
    Looks like a reasonable rate but shop around.  Don't ignore points and fees when comparing mortgages either.

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    • #3




      We are building a home and are about 1-2 months out.

      Our bank is pushing us today to lock in a rate of 4.37% for a 30 year mortgate. They are saying it’s only going up. Our credit is 750 plus range.

      My questions: would others do that now? How much value in getting multiple quotes from other lenders or is the rates typically fixed anyways?

      And yes the wife and I are still arguing on the 15 vs 30 year issue
      Click to expand...


      Definitely get multiple offers. Get some quotes through zillow or another online aggregator. Doing a quick search, it sounds like you can do better than 4.37%.

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      • #4
        Chase has 4.125% on 30 year.  I would definitely get a few more quotes.  When we locked several years ago for a refi, we were allowed 1 reset during the lock period.  So, if rates dropped we benefitted.  Is that available to you?  If you can't decide between 15 and 30 year, take the 30 year and send in one extra payment a year and you turn it into about a 22 year mortgage as a compromise.

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