When should I lock in an interest rate on a mortgage?

[Ewalker33]

I was origanily in the 95% Utilization and paid it down to 31% and my score jumped up 14 points. I have now paid it down to 0% since and the Lender is claiming it should jump me up to a better interest rate when it is reported. If I use it at all it will show an increase and then my score will drop. I just want to make sure that I get the best rate possible for my mortgage. Lol!

[Anonymous]

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@Ewalker33 wrote:

My Lender mentioned something about I may have the possibillity to get a 3.75% interest rate by closing (June 5th) if my score continues to go up. That's a really good rate and hope its true, but was curious if this is even possible?

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Yes, it is very possible. Just remember, with an FHA loan you will have mortgage insurance for at least 11 years regardless of how large of a downpayment you put.