Once you do find that magic mortgage rate, you’ll probably be wondering how long it’s actually good for.
If you’re not asking that question, you should be because rates aren’t set in stone unless you specifically ask them to be.
By that, I mean locking in the mortgage rate you negotiate or agree upon with the bank/lender so even if rates change from one day to the next, your rate won’t.
Otherwise, you’re merely floating your mortgage rate, and thereby taking your chances. Without a rate lock, it’s really just a quote.
Rates can generally be locked in for anywhere from 15 to 90 days or longer, with shorter lock periods cheaper than longer ones.
