LO won't lock rate until they receive appraisal report?

[Anonymous]

I have submitted the loan application, got pre-qualified, and RPA was signed by both parties, good credit, good income, 20% down, etc. 

I asked my LO to lock a rate for me, he said they need to wait til appraisal is done and report is out. Sounded okay to me, so I waited, and waited, the whole appraisal process took 2 weeks, the report is still being finalizied. (so slow!!!)

I can't wait to lock a low rate (as of today it's 3.8%). Is is normla for a bank nowaday not to lock a rate until they see the appraisal  report?

[namvet]

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@Anonymous wrote:

I have submitted the loan application, got pre-qualified, and RPA was signed by both parties, good credit, good income, 20% down, etc. 

I asked my LO to lock a rate for me, he said they need to wait til appraisal is done and report is out. Sounded okay to me, so I waited, and waited, the whole appraisal process took 2 weeks, the report is still being finalizied. (so slow!!!)

I can't wait to lock a low rate (as of today it's 3.8%). Is is normla for a bank nowaday not to lock a rate until they see the appraisal  report?

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I would say that it is not normal.  Most lenders will allow a interest rate lock in anytime after formal loan application.

[Booner72]

My rate was locked as soon as we had the signed purchase agreement. It was locked before inspections and appraisals. So that's weird, maybe your bank policy? I went FHA. You?

[StartingOver10]

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@namvet wrote:

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@Anonymous wrote:

I have submitted the loan application, got pre-qualified, and RPA was signed by both parties, good credit, good income, 20% down, etc. 

I asked my LO to lock a rate for me, he said they need to wait til appraisal is done and report is out. Sounded okay to me, so I waited, and waited, the whole appraisal process took 2 weeks, the report is still being finalizied. (so slow!!!)

I can't wait to lock a low rate (as of today it's 3.8%). Is is normla for a bank nowaday not to lock a rate until they see the appraisal  report?

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I would say that it is not normal.  Most lenders will allow a interest rate lock in anytime after formal loan application.

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Namvet is right...if you have the contract and formal application, why would they not want to lock??    Do you have a long time before your scheduled closing?

Was your GFE showing a particularly low interest rate or low closing costs?

[DallasLoanGuy]

not normal

they have probably broken a lot of locks lately and mgt is trying to keep that from happening by waiting for the appraisal so they can be sure they have a deal.

[namvet]

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@DallasLoanGuy wrote:

not normal

they have probably broken a lot of locks lately and mgt is trying to keep that from happening by waiting for the appraisal so they can be sure they have a deal.

 Not in my experience.  Deal or no deal!

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[Anonymous]

My rate locked after my appraisal. It was lower than the rate I was previously quoted so it worked out for me. Hope it works out in your favor too!