One frustration of applying for a
mortgage
is that you usually don’t know for sure what your rate will be until just before the closing or settlement. At that point, the seller expects payment, and you may be ready to move into your new home. That’s not the time to start the process over again.
Unfortunately, applying with several lenders to see who comes up with the best rate isn’t an option. To begin with, you would have to pay application and processing fees for each of the loans.
One solution may be to ask if your lender will lock in the rate that’s in force at the time you apply, with the understanding that if rates go down you’ll get the lower rate. But there’s no guarantee you’ll be able to arrange that kind of protection.
Dwight
P. Robinson, Senior Vice President, Corporate Relations,
Freddie Mac
Dwight
P. Robinson, Senior Vice President, Corporate Relations, 
