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| Real Life Information... on Home Related Topics - Mortgage Information |
If your lock-in expires, most lenders will offer the loan based on the prevailing interest rate
and points. If market conditions have caused interest rates to rise, most lenders will charge
you more for your loan. One reason why some lenders may be unable to offer the lock-in rate
after the period expires is that they can no longer sell the loan to investors at the lock-in rate.
(When lenders lock in loan terms for borrowers, they often have an agreement with investors
to buy these loans based on the lock-in terms. That agreement may expire around the same
time that the lock-in expires and the lender may be unable to afford to offer the same terms if
market rates have increased.) Lenders who intend to keep the loans they make may have
more flexibility in those cases where settlement is not reached before the lock-in expires.
Next: Mortgage Lockins Cont’d
Back to: Mortgage Overview
and points. If market conditions have caused interest rates to rise, most lenders will charge
you more for your loan. One reason why some lenders may be unable to offer the lock-in rate
after the period expires is that they can no longer sell the loan to investors at the lock-in rate.
(When lenders lock in loan terms for borrowers, they often have an agreement with investors
to buy these loans based on the lock-in terms. That agreement may expire around the same
time that the lock-in expires and the lender may be unable to afford to offer the same terms if
market rates have increased.) Lenders who intend to keep the loans they make may have
more flexibility in those cases where settlement is not reached before the lock-in expires.
Next: Mortgage Lockins Cont’d
Back to: Mortgage Overview
Mortgage Lock-ins Cont'd
up, you should expect to be charged the higher rate.
Because practices vary, you may want to ask your lender whether there are other
options available to you.
How Long Are Lock-Ins Valid?
Usually the lender will promise to hold a certain interest rate and number of points for
a given number of days, and to get these terms you must settle on the loan within
that time period. Lock-ins of 30 to 60 days are common. But some lenders may offer
a lock-in for only a short period of time (for example, 7 days after your loan is
approved) while some others might offer longer lock-ins (up to 120 days). Lenders
that charge a lock-in fee may charge a higher fee for the longer lock-in period.
Usually, the longer the period, the greater the fee.
Because practices vary, you may want to ask your lender whether there are other
options available to you.
How Long Are Lock-Ins Valid?
Usually the lender will promise to hold a certain interest rate and number of points for
a given number of days, and to get these terms you must settle on the loan within
that time period. Lock-ins of 30 to 60 days are common. But some lenders may offer
a lock-in for only a short period of time (for example, 7 days after your loan is
approved) while some others might offer longer lock-ins (up to 120 days). Lenders
that charge a lock-in fee may charge a higher fee for the longer lock-in period.
Usually, the longer the period, the greater the fee.
The lock-in period should be long enough to allow for settlement, and any other the
length of the lock-in to ask for, you should find out the average time for processing
loans in your area and ask your lender to estimate (in writing, if possible) the time
needed to process your loan. You’ll also want to take into account any factors that
might delay your settlement. These may include delays that you can anticipate in
providing materials about your financial condition and, in case you are purchasing a
new house, unanticipated construction delays. Finally, ask for a lock-in with as few
contingencies as possible.
length of the lock-in to ask for, you should find out the average time for processing
loans in your area and ask your lender to estimate (in writing, if possible) the time
needed to process your loan. You’ll also want to take into account any factors that
might delay your settlement. These may include delays that you can anticipate in
providing materials about your financial condition and, in case you are purchasing a
new house, unanticipated construction delays. Finally, ask for a lock-in with as few
contingencies as possible.
this option, the lender lets you lock in the interest
rate and the points at some time after application
but before settlement. If you think that rates will
remain level or even go down, you may want to wait
on locking in a particular rate and points. If rates go
rate and the points at some time after application
but before settlement. If you think that rates will
remain level or even go down, you may want to wait
on locking in a particular rate and points. If rates go
If you don’t settle within the lock-in period, you might lose the interest rate and the
number of points you had locked in. This could happen if there are delays in
processing whether they are caused by you, others involved in the settlement process,
or the lender. For example, your loan approval could be delayed if the lender has to
inspectors, builders, and individuals selling the home. On occasion, lenders are
themselves the cause of processing delays, particularly when loan demand is heavy.
This sometimes happens when interest rates fall suddenly.
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