Clean spot in the Interest Rate Lock Agreement

Aug 6th, 2022
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How to clean spot in the Interest Rate Lock Agreement

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[Music] hi my name is alex carlos with guston show associates i want to talk to you about this disclosure you guys get when we send you a package and i get calls on all time and youre asking what does this float mean when it comes to this interest rate disclosure so when we do an application we put a rate in there its about the going rate for your file but you know weeks weeks go on you know two weeks go past and then you get a contract and that may not be your rate but we still submit the loan with that old rate we had in there rates might be a quarter higher a quarter better so we dont discuss locking the loan necessarily until maybe the loans and underwriting some loan officers lock it before it even goes in so i usually wait because my loans take a little bit longer because im doing tougher loans so i refer to going underwriting and im 99 float so what float means when you get that disclosures that your loans not locked and youre aware that your rate can change so if you see

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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. Mortgage interest rates can change daily, sometimes hourly.
Rate lock fees will vary based on the length of your rate lock period and interest rate chosen. We will refund the rate lock fee if your application is denied. If you withdraw your loan application or it is cancelled, the upfront extended rate lock fee may not be refunded unless the application is for a VA loan.
To break a fixed-rate term, youll pay an Interest Rate Differential (IRD) penalty or a 3-month interest charge, whichever is higher. Unless you have little time left in your term, youll likely pay the higher IRD penalty. A variable-rate mortgage is cheaper to break youll only pay a 3-month interest penalty.
If you think rates are likely to stay the same or increase, you might be better off locking. But again, no one ever really knows for certain what the rates will do, so you must be willing to accept the risk if you choose to float. If uncertainty keeps you up at night, locking is definitely the better option.
A float-down provision or float-down option is an agreement between you and your lender that can be made after you lock a rate. Youd pay an additional fee usually 0.5% to 1% of the loan amount to drop your locked-in rate to current mortgage rates.
Lenders offer borrowers the ability to lock in a specific interest rate for a set period. If you choose to extend your interest rate lock, youll be responsible for paying an additional cost known as the rate lock extension fee.
Locking in early can help you get what you were budgeting for from the start. As long as you close before your rate lock expires, any increase in rates wont affect you.

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