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Notarize Interest Rate Lock Agreement

Notarize Interest Rate Lock Agreement

Aug 6th, 2022

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How to notarize Interest Rate Lock Agreement

4.6 out of 5

42 votes

In this tutorial, the speaker discusses the concept of a rate lock in lending, explaining that when a lender locks in a rate, it is for a specific duration, such as 30 days. If the rate lock expires, the borrower may incur additional costs to extend it. The speaker emphasizes the importance of awareness for both lenders and borrowers, noting that extensions can lead to extra charges. They stress that while mistakes made by the lender’s team may be covered, extensions due to issues like the seller's decision to rent back are beyond the lender's control and may result in costs without being able to shift the financial burden. Julie will share related stories for further context.

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