How can I avoid lapsed prices?

Unfortunately, mortgage rates can change daily, which makes it difficult to avoid lapsed prices. We can tell you for sure not to depend on rates you read in the newspaper. Newspapers who report mortgage rates on Tuesday morning are reporting Monday.s rates. And by the time the paper hits the stands, the rates have already changed.

One way to avoid lapsed prices is by doing your research via the Internet. Most information on mortgage web sites is keep current, and is dated, so you know right away if looking at a current rate or not.

If you find a rate that you like, call that lender and confirm the rate. Even information posted on the Internet is only as reliable as the people who update the website. If the site is not updated often, you may still be looking at old data, so call and confirm with a live person.

If serious about buying a home, the best way to ensure you get the rate you want is to lock in your rate with your preferred lender. Getting a rate-lock in writing will ensure that you get the rate you expect, even if rates increase. You.ll still have to research lenders and the rates and fees they charge, but when you find one that.s agreeable to you, get a rate-lock.

From that point, you typically have up to 60 days to close on your house.