Expecting to move in five years; how to lock mortgage rates?

How far in advance can you lock in rates?

You can choose to lock in your mortgage rate from the moment you select a mortgage, up to five days before closing. Locking in early can help you get what you were budgeting for from the start. As long as you close before your rate lock expires, any increase in rates won’t affect you.

Can you get a lower rate after locking?

Can my loan amount change after the rate lock? No. Your locked-in rate applies to your loan’s specific details — including your loan amount — so you can’t change the loan amount after locking in. Check with your loan officer before locking in a rate if you anticipate making significant changes to your loan application.

Should you wait to lock in a mortgage rate?

If you want to avoid uncertainty and preserve the rate in your mortgage loan offer, get a mortgage interest rate lock. Interest rate locks can offer peace of mind to borrowers, but they are not foolproof—you could miss out on a lower interest rate after you lock and your loan might not close before the lock expires.

Can you lock in multiple rates?

You’ll want to compare quotes from more than one company, but only lock a rate with the one offering the best deal. That’s because a rate lock is more of a commitment on your end. There isn’t anything stopping home buyers who want to lock-in rates with multiple lenders.

What is the best day to lock in a mortgage rate?

Mondays

According to data compiled from MBSQuoteline, a provider of real-time mortgage market pricing, mortgage rates are most stable on Mondays, making that day the easiest on which to lock a low rate.