We are cleared to lock down a price on our mortgage but would be happier if the rate dropped slightly. Should we wait?

If the price is acceptable, don’t wait.

Waiting for a price drop is a bad bet. No one really knows whether mortgage prices will rise or not, but chances are they will. If the rise is substantial, it might cost you the deal.

Mortgage prices have remained low, however. The average rate for a fixed, 30-year mortgage was 3.95 percent at the end of May.

A lock price is the lender’s commitment for a particular applicant. It is only good for a short period of time from 30 days to 60 days. If the loan does not close in that time, the lender has no commitment to make the loan at that price. That’s why it is important to lock in a price as soon as possible.

In fact, one question you should ask when shopping for a mortgage is what the requirements are to lock in a price. Income documentation and property value documentation are required to lock and these will take the most time. Be sure to have your documentation in order.

Your lock price should cover interest rate, points, and other lender fees. Be sure to look at the lender’s Lock Confirmation Sheet to make sure these costs are all covered.

Don’t be surprised if the lock price is different from a price that is quoted over the telephone. These prices are usually made to attract bargain shoppers, not to actually close deals. You want to lock in at the lender’s posted price, which should be on the lender’s website.  You should also find out if there is a fee for locking in a price, which is likely. If there is, find out how much, if any, is nonrefundable.