When to Lock Your Interest Rate: Tuesday Tip for Buyers

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This week's Tuesday Tip is all about interest rates, specifically for prospective buyers. The key question we answer is: When can you lock an interest rate?

Typically, you can lock your interest rate when you are under contract and have a closing date in view. However, if your contract is contingent on selling your current home, it might be best to wait until you have a more definite closing date.

As a general rule, lock your interest rate when you are under contract, have a property address, and a scheduled or close-to-scheduled closing date. This ensures you secure the best possible rate without unnecessary risks.

Don't forget to utilize the graphic in your toolkit for your social media posts. It's a simple and effective way to communicate this crucial tip to potential buyers, especially those who are noticing recent drops in interest rates. Good luck with your social media efforts!