need to lock in the rate for 9 months. is there a bank wich would do that. for 30 year fixed mortgage?

Answer 1

As a former loan officer, I can say without a doubt you can get a rate lock beyond 90 days. Many lenders will offer rates up to 360 days, and some even beyond. Here's the catch - the rates for extended locks are higher than on the standard 60 day locks! Lenders are taking on more risk for locking the rate for an extended period of time, therefore, the rate offered to the borrower is higher. Additionally, you will likely have to pay a fee for an extended lock.

Also, not every extended lock is the same. Where I was a loan officer, there was a .50% lock fee for locks beyond 90 days. On 90 day locks this fee was refundable at closing. Also, the borrower was given a free "float down" option to lock with current rates (at 60 day pricing) within 15 days of closing. Many lenders dont offer a float down.

If you think you may still want to proceed with an extended lock, make sure the lender offers a float down.

** To the above responders, and to the responses that may follow - if you haven't worked in the mortgage industry, be careful as to the information you pass along. I bring this up because the first two responses are inaccurate.

Answer 2

No way! Most locks are limited to 30, 45, or 60 days. Rarely you might come across a 90-day lock.

I'd guess that you're building a home, right? Rate changes are one of the risks you have to live with when doing that.

Be happy that you can get a fixed rate mortgage at all! They're unique to the US and maybe Canada. In most countries mortgages are ALL variable rate, often with no limit no how high they can go.

Answer 3

The longest I've ever seen was 60 days. Good Luck