of your wants. This is because you won’t know how long it will take, after home loan approval, to not only find a suitable and desirable home and make an offer, but also to have the offer accepted. Some buyers are lucky and find — and land — the home of their dreams, but others take longer, and this is more typical for the average home buyer. Plan and prepare for the process to take some time, and accordingly, wait to lock in your rate. If you lock in the mortgage rate too early, before you’ve found the right home, and the process takes longer than you planned for, than you might miss out on the opportunity for a better rate that could come along before you complete the purchase —or get stuck paying more in order to extend the mortgage rate lock once it expires, as I explained above. The longer you hold a rate lock, the more expensive it becomes. For example, according to Bankrate.com, “a borrower who chooses a 30-day lock on a loan may pay a 4.875% rate and zero points, while a 60-day lock might cost 1 point (equal to
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