Pre-approved mortgage
Should I go get pre-approved before January 1 if I plan to buy a condo in 2022? Will it lock the rate in?
Terry Says
Getting preapproval for a specific mortgage amount helps you make the deal in the first place. A seller feels confident that you will be able to close if they accept your offer. And yes, most lenders will also lock the rate in for a brief period. With rates starting to rise, that may be a shorter period than they would have extended in the last year. Get it –the approval AND the lock — in writing!
