Conceal sentence in the Interest Rate Lock Agreement

Aug 6th, 2022
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How to conceal sentence in the Interest Rate Lock Agreement

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Hey! how you doing Emmett Dempsey mortgage broker and owner of treasure coast mortgage here in Port Saint Lucie, florida and welcome to another video! Todays video is going to be about the closing disclosure or the settlement statement or the cd as its called uh this is a twin to loan estimate video here that i just redid so go ahead and check that out if you havent already uh the closing disclosure um is great because youre at the end of the loan process youre almost done its awesome so you guys are almost done hoorah and now youre about ready to close so what we do with the closing disclosure im going to go over the uh the details here in a minute uh about what the cd is and and what some changes some differences that youll see in the cd versus the loan estimate but uh effectively the le and cd are kind of twins uh they kind of go together a lot of estimate shows heres what i estimated they would be the closing disclosure is basically what they a

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If your interest rate is locked, your rate wont change between when you get the rate lock and closing, as long as you close within the specified time frame and there are no changes to your application. Rate locks are typically available for 30, 45, or 60 days, and sometimes longer.
A mortgage rate lock is binding for both the lender and the borrower for the duration of the rate lock agreement. One of the only things that may impact a rates consistency is if there are changes to your loan application before closing.
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.
Once locked, the loans interest rate wont change no matter whats happening with the economy barring any changes to your application details. Youre protected from higher rates, but you wont get a lower rate, either, unless you have the option for a one-time float down.
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.
You cant unlock your mortgage rate after locking. But there may be other ways to get a lower rate after youve locked. However, the agreement works both ways. If rates suddenly fall, you cant just back out of the rate lock and expect your lender to offer you a lower interest rate.
You can lock your rate for anywhere from 30 days to 120 days, depending on the lender. Some lenders offer rate locks for free, while others charge a fee. Others only charge a fee when you extend the mortgage rate lock period.

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