Can I lock in a mortgage rate before an appraisal?
I’m in the midst of buying a property in California (San Jose); my bid has been accepted, and I’m in the contingency period. I’d like to get the loan details set fairly quickly. I’ve been told that I get the rate locked after I get the appraisal done (the seller, on my request, is putting in new flooring, which has to happen first; however, I’m confident the location is worth the amount of my loan). However, I heard elsewhere that you can lock in rates before the appraisal is complete. Is this true? and if so, is it recommended?