[on_the_bb]

Do you lock in a mortgage rate immediately after the agreement of sale, OR, after all contingencies in the agreement of sale have been satisifed (i.e. - inspection, appraisal, etc.)

[nick69kcin]

First, you should be working with at least two mortgage officers/loan officers/loan reps/etc. If nothing else you will have two different rates (from the rate locks among other factors) to choose from.

Second, it depends on the loan type you are getting. Some rate changes will have more or less or no affect on your monthly payment. The interest you will pay over the life of the loan is of little import (unless you are going to pay the loan off over a short period of time or make bi or more monthly payments to save interest charges).

Third, rates change constantly, guidelines change constantly, it is impossible to know what the "right" time to do a rate lock is.

Fourth, you don't have any obligation to accept an offer of credit until you sign loan documents stating that you have agreed to do so. If you get a rate lock and the rate for that particular loan goes down you can always re-apply for the loan at the new lower rate. Only time constraints stop you from doing this.

[irishwhiskeyslammer]

You lock in a rate when the douchbags at the bank give you a interest rate better than 4 percent. Tell them hogs, you ain't gonna take it in the bunghole for no man.