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| Real Life Information... on Home Related Topics - Mortgage Information |
Expiration of Lock-ins
What rate will be charged if the lock-in expires before settlement-the rate in effect
when the lock-in expires?
If you don’t settle within the lock-in period, will the lender refund some or all of
your application or lock-in fees if you decide to cancel the loan application?
If your lock-in expires and you want to get another lock-in at the rate in effect at
the time of the expiration, will the lender charge an additional fee for the second
lock-in?
Next: Mortgage Lockins Cont’d
Back to: Mortgage Overview
What rate will be charged if the lock-in expires before settlement-the rate in effect
when the lock-in expires?
If you don’t settle within the lock-in period, will the lender refund some or all of
your application or lock-in fees if you decide to cancel the loan application?
If your lock-in expires and you want to get another lock-in at the rate in effect at
the time of the expiration, will the lender charge an additional fee for the second
lock-in?
Next: Mortgage Lockins Cont’d
Back to: Mortgage Overview
Mortgage Lock-ins Cont'd
Ask About Lock-Ins
When you’re ready to settle on your loan, you’ll want
to get the loan terms that you’ve locked in. To
increase that likelihood, it is important to learn as
much as you can about what the lender is promising
you before you apply for a loan.
When you’re ready to settle on your loan, you’ll want
to get the loan terms that you’ve locked in. To
increase that likelihood, it is important to learn as
much as you can about what the lender is promising
you before you apply for a loan.
Ask for the following information when you shop for a loan:
Lock-Ins and Fees
Does the lender offer a lock-in of the interest rate and points?
When will the lender let you lock in the interest rate and points? When you apply?
When the loan is approved?
Will the lock-in be in writing? If the lock-in is not in writing, you will have no record of
the lender’s agreement with you in case of a dispute.
Lock-Ins and Fees
Does the lender offer a lock-in of the interest rate and points?
When will the lender let you lock in the interest rate and points? When you apply?
When the loan is approved?
Will the lock-in be in writing? If the lock-in is not in writing, you will have no record of
the lender’s agreement with you in case of a dispute.
Does the lender charge a fee to lock in your interest rate? Does the fee increase for
longer lock-in periods? If so, how much?
If you have locked in a rate, and the lender’s rate drops, can you lock in at the lower
rate? Does the lender charge you an additional fee to lock in the lower rate?
Can you float your interest rate and points for now, and lock them in later?
longer lock-in periods? If so, how much?
If you have locked in a rate, and the lender’s rate drops, can you lock in at the lower
rate? Does the lender charge you an additional fee to lock in the lower rate?
Can you float your interest rate and points for now, and lock them in later?
How long does the lender expect to take to process your loan?
What has been the lender’s average time for processing loans recently?
Has the lender’s loan volume increased? Heavy volume might increase the lender’s
average processing time.
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