How Long Can You Lock Your Mortgage Interest Rate

Performance Property Real Estate Question

Q: My wife and I are buying our first home. Interest rates are going up. How long can we lock our mortgage interest rate? Caleb, Belleville, NJ

A: Mortgage rates have increased significantly in the last year from historic lows. Lenders normally will let pre-approved home buyers lock the interest rate of their mortgage loan for between 2 weeks and 2 months. Lenders can theoretically offer a rate lock for as long as they choose. I have seen 120 day mortgage rate interest locks in real estate transactions I’ve been involved in, however, the borrower paid a fee for that extended rate lock. Lenders will always hedge to protect themselves. Thanks for your question, Caleb.

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Vaughn | Westfield, New Jersey

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Stephen Brunson | Plainfield, New Jersey

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Berkis Castro | Clifton, New Jersey

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Gita Gorji | Hoboken, New Jersey

“Our loan modification was finalized. Got all the documents. Even got legal documents stating that foreclosure proceedings were cancelled. Our rate went from a 4.75 to a 3.4 and our mortgage payment went down almost $200 a month. So all is good. Thank you so much.”

Crystal | Totowa, New Jersey

“Finally the bank called me and said that my loan modification was approved! I thank you so much for your help it really meant a lot to me...I really appreciate you. Thank you Thank you Thank you”

Camille Perry | Newark, New Jersey

“Hey Gerald wanted to give you a heads up that they offered me a loan modification. Thanks for all your help!"

Robert Evans | North Arlington, New Jersey

“I appreciate everything you were able to do with my lender, I am immensely grateful to you."

Carol Cunningham| West Orange, New Jersey

“Thank you so much for your help, Gerald. I feel like a huge weight has been taken off me."

Iradys Rivero| North Bergen, New Jersey

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Deborah Dowe| Plainfield, New Jersey

“I want to thank you for helping me to get the courage to work on this problem because I didn't want to face it. Your help with the phone call to the mortgage company & other assistance was so appreciated. Thank you so much."

Evelyn Rudnicki | Rochelle Park, New Jersey

“I'm not trying to be a pain in the neck but I would like to thank you for your advice. I think things are going to work out for me. I did exactly what you told me and I think the mortgage company is going to work with me. I appreciate your advice. You are a Godsend. The world needs more people like you. Thank you and God bless you."

Jimmy Armstead | Roselle, New Jersey

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Virgilio Rodriguez | Paterson, New Jersey

“I followed the instructions Gerald from Performance Property gave me and I proved to my lender that I can pay back my mortgage.”

John Nikoe | Linden, New Jersey

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Jim Armstead | Roselle, New Jersey

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