Some lenders allow you to lock your rate before you have an accepted offer, but most require a signed purchase contract first.
If you are shopping with multiple offers out, wait until one is accepted before locking. This avoids paying for a lock that expires before you have a contract.
Pre-Lock Option
Patrick Kevin Fagan explains pre-lock option for homebuyers in San Antonio and the Texas Hill Country. Strategies for managing rate locks when you are making offers on multiple homes.
Contract Requirement
Patrick Kevin Fagan explains contract requirement for homebuyers in San Antonio and the Texas Hill Country. Strategies for managing rate locks when you are making offers on multiple homes.
Multiple Offer Strategy
Patrick Kevin Fagan explains multiple offer strategy for homebuyers in San Antonio and the Texas Hill Country. Strategies for managing rate locks when you are making offers on multiple homes.
