Bold spot in the Interest Rate Lock Agreement

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How to Bold spot in the Interest Rate Lock Agreement

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- Im Sean Reynolds, the owner of Summit Properties Northwest and Reynolds and Kline Appraisal. And today I have with me Mr. Dan Chapman from Fairway Independent Mortgage, and were doing just a quick question-and-answer session on, we hear all the time, locking an interest rate. What does that mean? So Dan-- - Sure. - What does that mean? - When you lock your rate, youre locking in that rate for a specific period of time. And so, like I say, youre going to close your loan inside of 30 days, we would do a 30-day lock, and youre guaranteed no worse than that rate. - So youre locking in your interest rate for your mortgage? - Yep. - That youre going to be getting. - Yep, and youre guaranteed no worse than that rate. You can, actually, extend that lock, if you need to. So theres lock extensions. You can, actually, with the small possibility that your rate can improve, even though youve locked it in, but its no worse than that rate. - And so is there a cost to locking in a long

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What if interest rates go down after I lock?

When you lock your interest rate, you're protected from rate increases due to market conditions. If rates go down prior to your loan closing and you want to take advantage of a lower rate, you may be able to pay a fee and relock at the lower interest rate. This is called "repricing" your loan.

What happens if your rate lock expires before closing?

Real estate transactions don't always close on time. If your rate lock expires before the keys are yours, don't panic just yet — your mortgage lender might offer to extend the rate lock, either free or for a fee. That extension fee might not be your responsibility, either.

Can you negotiate after rate lock?

A rate lock doesn't lock you into the deal — if you find better terms and lower closing costs from another lender, you can opt to go with that lender after your rate lock with the first lender begins. However, consider the implications of changing lenders at this stage.

What if rates go down after I lock?

If interest rates happen to go up during the period when your rate is locked, you get to keep your lower rate. On the other hand, if you lock your rate and interest rates fall, you can't take advantage of the lower rate on a refinance unless your rate lock includes a float-down option.

What happens when a lender locks a rate?

A lock-in or rate lock on a mortgage loan means that your interest rate won't change between the offer and closing, as long as you close within the specified time frame and there are no changes to your application. Mortgage interest rates can change daily, sometimes hourly.

Can you buy points after locking in rate?

Can you buy discount points after closing? No, the terms of your loan are set prior to closing.

Can a lender not honor a rate lock?

A lock failure occurs when a lender refuses to honor a mortgage price that a borrower had believed was guaranteed. Lock failures occur when interest rates are rising and honoring locks becomes costly to lenders.

Can a locked interest rate change?

A lock-in or rate lock on a mortgage loan means that your interest rate won't 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 a mortgage lender back out?

Certain factors beyond your control can cause lenders to rescind a loan. In some cases, lenders rescind approved mortgage loans because you didn't close your purchase in time. In other instances, a lender might rescind an approved loan because interest rates have moved up, making the loan unaffordable for the borrower.

What happens if rates drop after I close?

But what if you lock a mortgage and then rates fall? Unfortunately, you can't just unlock your rate. Your best option is to ask your lender about a rate “float down,” although this will cost you an additional fee. Switching lenders last minute is also an option for refinancers.

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