Get it in Writing Probably the biggest complaint we have received over the 16 years that we have been in business is a misunderstanding between the lender and the mortgagee.
Verbal promises mean little.
Locking the Rate When to lock the rate is a personal decision, but remember if you are tight on qualifying an unforeseen rate increase may stop you from qualifying for the loan. If you are comfortable with the current rate available and its monthly principal and interest payment, then locking the rate may make sense. On the other hand if you are willing to take a risk you can, in most cases, float the rate and lock at a later date. If the lenders rate is lower at closing then you will get the lower rate. One last word on rate locks, if you do float and then decide to lock several weeks later, make sure to get a written confirmation of the interest rate that you will receive at closing.