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Modify Interest Rate Lock Agreement

Modify Interest Rate Lock Agreement

Aug 6th, 2022

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How to Modify Interest Rate Lock Agreement

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61 votes

Sean Reynolds from Summit Properties Northwest speaks with Dan Chapman from Fairway Independent Mortgage about interest rate locks. Dan explains that locking a rate means securing that interest rate for a specified period, often 30 days for a mortgage. This guarantees that the borrower will receive that rate or better, though the rate cannot exceed it. Extensions are available if needed, and there is a slim chance the locked rate may improve. The discussion also touches on potential costs associated with locking in a longer-term rate.

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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.

Can you change interest rate after locking?

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.

How long can you stay locked into an interest rate?

Rate locks typically last from 30 days to 60 days, though they sometimes last 120 days or more. Some lenders do offer a free rate lock for a specified period. After that, however, even those generous lenders might charge fees for extending the lock.

Can you negotiate a rate lock?

Some lenders allow you to float down the rate until closing, while others set limits. For example, you might be able to request a lower rate just once after asking for a rate lock. But always check with the lender, and ask whether they charge a fee.

Can you change a locked interest rate?

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.

Can you break a mortgage rate lock?

The quick answer is yes, you can certainly break the loan agreement on your fixed-rate mortgage before its term period expires, but its not always a recommended choice to do so.

Can you renegotiate a rate lock?

Youll need to pay a fee. Because the lender has to renegotiate your lock with the investor you already committed to, youre usually charged a fee of up to 0.50% of your loan amount.

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