ceejay74, it is sort of like getting the bank to quote you on a mortgage. There is some time limit. Is this correct?
A co-worker of mine had his rates "locked in" then during closing the bank forgot / screwed up the paper work and raised his rate by a little bit. He refused to close on the house since the bank screwed up.
As far as when should you lock in your rate? I'd say when your seriously prepared and ready to purchase a house. A year from now rates could be higher or lower. It really is a gamble sitting around waiting on it, I am not a fan of that. Nor am I a fan of justifiying rushing out and doing this because they may go up.
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