Eclectic Homes

Do I Lock at an Interest Rate on an FHA Loan?

The Federal Housing Administration (FHA) provides competitive terms on adjustable and fixed rate of interest products. The FHA doesn’t issue loans to homeowners. The bureau’s loan plans provide investors and banks with confidence from the national government that every FHA loan is guaranteed. Many first-time house buyers use FHA loans to buy a house, taking advantage of the low down payment and flexible underwriting conditions. A borrower can receive a rate lock for FHA loans to buy or refinance a house.

Stop by the Quicken Loans or Lending Tree website. Submit info estimate. Compare applications from several creditors to find a competitive FHA interest rate.

Contact the lender who provides an FHA interest rate that satisfies your requirements. Tell the lender you need to proceed with an FHA loan. Your loan officer will begin financing package that you review and register.

Complete your program, as well as national and state disclosures for the FHA mortgage loan.

Request an FHA speed lock in the mortgage lender. A rate lock stipulates an arrangement from the lender that reflects your interest and any fees in writing. Your loan can lock in a rate for which you’re eligible.

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