if i get preapproved will i also get a rate lock?

Good evening!When purchasing a home your mortgage loan officer can lock your rate as soon as your file is submitted...

I have a "lock and shop" option, once you are preapproved your rate can be locked and you would have 45 days to find a home then 30 days to close after that. If rates get lower after you are undercontract and within 20 days of closing you can float the rate down one-time. I can handle loans in MI and most other states if you are interested.

Once you have an excepted offer on a home you can lock in.

When you get pre-approved they don't lock in your rate automatically. Your interest rate will get locked when you and your loan officer have a discussion about it, then agree to lock it in. Speak with your loan officer about this the next chance you get. Best wishes, Sean

Your loan officer will advise you on the best time to lock. Typically, you won't lock a rate until you have an accepted offer. Once you have a fully executed contract (signed contract), then you will want to ask your loan officer how interest rates are performing. At that time, you can start monitoring and/or considering locking in an interest rate. Best of luck!!