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We're in the process of hunting around for a lender in our area (US) to refinance our mortgage with.

I'm having a hard time understanding the steps in the application process. In particular once I've call around and got a rate for a x year mortgage locked in for 30 days, what do I need to do before I can lock that rate (I don't want them move it on me!). Do I need to do the 1003 there and then?

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AFAIK, you can't get the lock until you submit the application.

  • Does that mean I should apply to lots of lenders ahead of time or I should apply as soon as I get a rate a like? – RichH Dec 18 '10 at 20:23
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    Ask them for their listed rates, then apply if you like the rate. Have all the documentation necessary. – Michael Pryor Dec 19 '10 at 15:23

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