Ready to sign a contract? If rates are lower than normal it is a smart move to protect  your buying power by locking in the rate at the time you apply for your loan.

Make sure if you do decide to lock in a rate that is allows for enough time for your loan to be processed. Get it in writing. Some lenders only offer protection for a week-this isn't enough time. Some lenders will give you a lock in rate for up to 45 days and 60 days with a FHA or VA loan.

Like Gambling? Instead of locking your rate right away, you can "float" your rate and watch rates while your loan is being processed, (up to the day before your loan closes) and then lock when you are ready.