Insert Dropdown List into the Interest Rate Lock Agreement and eSign it in minutes

Aug 6th, 2022
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How to Insert Dropdown List into the Interest Rate Lock Agreement

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in Excel you can create dependent drop-down lists here for example you can select a type of produce so Ill select fruit and then in this drop-down we see a list of fruit if I select vegetables the next cell shows just the list of vegetables these are based on lists on another sheet so heres the list and this is the produce category and then we have a list of fruit and you can see its name here is fruit and here is a list and thats the vegetable list so to set that up we use data validation and on these cells if I go to the data tab and click data validation we can see that were allowing a list and the list is equal to produce in this group of cells going back to data validation again were allowing a list and this time we use the function indirect and then a reference to the cell to the left which is b2 so were saying create a range based on whatever name is in cell b2 and thats what the indirect function does it creates a range reference well click OK now this works well most o

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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.
When you lock your interest rate, youre 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.
Can my loan amount change after the rate lock? No. Your locked-in rate applies to your loans specific details including your loan amount so you cant change the loan amount after locking in.
When you lock your interest rate, youre 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.
If you want to avoid uncertainty and preserve the rate in your mortgage loan offer, get a mortgage interest rate lock. Interest rate locks can offer peace of mind to borrowers, but they are not foolproofyou could miss out on a lower interest rate after you lock and your loan might not close before the lock expires.
Cons Of Locking Your Mortgage Rate Today Interest rates may fall after you lock in. You could miss out on the chance to score an even lower interest rate. Letting the lock period expire has consequences. If you lock in a mortgage rate but ultimately allow it to expire, the lender might charge you hundreds of dollars.
Call or contact your mortgage lender and ask them about a rate lock. They will likely want you to provide a time frame for the lock, but will often allow you to lock your rate for a period. They will provide additional details to you, including any fees associated with this process.
How much does a rate lock cost? Many mortgage lenders do not charge for a mortgage rate lock or rate extension. Among those that do, youre typically looking at 0.25% to 0.50% of the total loan amount for a rate lock (of 60 days or less), and between 0.06% and 0.375% for an extension.

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