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When do you lock rates for mortgage?

House buyer here. We are closing June 1, 2020. Ive contacted two loan companies (bell bank and traditional mortgage) and they’ve been able to provide me a general rate estimate over the phone. But I don’t understand how I decide who to use and when I have to commit. I thought I need a loan provider locked in to even agree to a purchase agreement but nope! The PA is already signed.

I did get a pre approval letter from bell bank but they didn’t need my tax or paycheck info to provide it. The other place said they’d need both to get me pre approved.

Can anyone help me understand? Rates are super low right now and I don’t wanna miss out if I can be doing something now. I also don’t wanna fully commit to one company unknowingly. Did I already commit to bell by getting a pre approval letter from them??

submitted by /u/maybeluckyagain
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source https://www.reddit.com/r/RealEstate/comments/fabi1w/when_do_you_lock_rates_for_mortgage/
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