Locking in interest rate.

[Anonymous]

I am pre-approved for a mortgage. The bank loan officer said, that I must have a accepted offer on a house before he will  lock in a interest rate. I have to wait until the end of September to buy a house, and the interest rates are low now.  Do all banks and mortgage companies have the same rule, that one must have an accepted offer in order to "lock in"  a interest rate?

[Anonymous]

Yea thats how mine did to. Bank for usda loan

[StartingOver10]

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@Anonymous wrote:

I am pre-approved for a mortgage. The bank loan officer said, that I must have a accepted offer on a house before he will  lock in a interest rate. I have to wait until the end of September to buy a house, and the interest rates are low now.  Do all banks and mortgage companies have the same rule, that one must have an accepted offer in order to "lock in"  a interest rate?

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Yes, they all need a contract in order to lock the rate.

[cappucino24]

Yes, same thing here..my LO informed me that if he locks me in a rate then I only have a certain amount of days (I forget the number) to find a house and get financed at that rate AND rates change everyday. Say you get locked in for 3.75 today but the next day the rate is 3.25..Given that fact, it only makes since to lock in after you find a house...

This housebuying game is such a gamble!! To many maybes and ifs!