What's the longest period I can lock my rate for? 90 days? is that possible?

Most will need a full application and a specified property to lock a rate. If you are just attempting to use it as a placemarker, it's probably not going to work. Unless you are already in contract with a 90 day escrow, this probably isn't the best idea. As for breaking the lock if rates went lower, this is frowned upon. While you certainly can do this, you must remember that their is a tangible effect on the person you break it with. It can affect their pricing with their lenders and can even get them blacklisted. Remember, locks are a 2 way street.

GoodMorning Rocky...90 days is the normal lock period, however a longer period should be eligible if you are purchasing new construction...Your plan may not work for you, since most Lenders will require a fee paid upfront on a lock longer then 45 days...Also if you do cancell your application, the Lender will probably not release your appraisal, costing you $400 to $600 for another appraisal...This may not be the best plan for you...Questions or comments...e/m Money@RonWohlfarth.comphone 856-853-1234web www.WoodburyMoney.com