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How to Annotate Interest Rate Lock Agreement

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In this tutorial, Anthony Sir Manera, a senior home loan specialist at Dai Tech, discusses the importance of the interest rate lock agreement, a crucial document in the lending package. He emphasizes that clients often face changes to their loan offer at closing, which can be avoided by using this agreement. The interest rate lock agreement details the locked-in interest rate and its duration. Anthony advises ensuring that the agreement is executed and submitted promptly according to the lender's instructions to maintain protection and peace of mind regarding the loan offer.

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Got questions?

Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.

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How do you lock in an interest rate?

Contact your lender or broker and ask for the rate lock. Provide a time frame, too. Review your new Loan Estimate. Your lenders new Loan Estimate should clearly say the interest rate cant increase unless the rate lock expires.

Is a written rate lock agreement required?

Rate Locks are to be written and signed agreements by our borrowers from what I gather on this unclear rate lock topic.

When should you get a rate lock?

The ideal time to lock your mortgage rate is when interest rates are at their lowest, but this is hard to predict even for the experts. Its worth noting that interest rates could decrease during your lock period. Should this happen, youll most likely have to pay the rate you initially locked in.

Does a rate lock mean you are approved?

You can lock your rate once your lender has received your loan application, pulled your credit report and issued a loan estimate. If youre buying a home, lenders typically cant lock your loan rate until you have an accepted purchase contract.

What happens if rate lock expires before closing?

If the rate lock expires before your loan closes, you may have the option to pay a fee to extend the lock period. Otherwise, youll get the interest rate thats available when you lock it before closing. If things change concerning your mortgage application or financial situation, your lender might void your rate lock.

What does rate lock mean?

Locking your interest rate means the rate will stay the same from the time of the rate lock until the rate lock expiration date, regardless of changing market conditions. Your final interest rate may be higher or lower than what was initially quoted to you if there are changes before your loan closes.

What is a rate lock disclosure?

A lock-in or rate lock on a mortgage loan means that your interest rate wont change between the offer and closing, as long as you close within the specified time frame and there are no changes to your application.

Can lender change interest rate after locking?

If there are no changes to your loan application and your loan closes on or before the rate lock expiration date, we will close your loan at the locked interest rate. However, your interest rate may change from the time of your initial rate lock if there are changes to the factors used to determine your interest rate.

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Annotate Interest Rate Lock Agreement