Send Interest Rate Lock Agreement via SMS fast and easy

Simple guide on how to Send Interest Rate Lock Agreement via SMS

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How to Send Interest Rate Lock Agreement via SMS

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In this tutorial, Alex Carlos from Guston Show Associates explains the concept of "float" in relation to interest rate disclosures on loan applications. He clarifies that the interest rate initially provided is based on current rates at the time of application. However, as time progresses—potentially weeks later—when the loan is submitted, the actual rate may differ, possibly by a quarter percentage point. He notes that loan officers may lock rates before the loan enters underwriting, but he typically waits due to the complexity of his loans. The term "float" indicates that the loan is not locked, which means the interest rate can change before finalization.

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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.

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Can you lock an interest rate without an address?

You need a property address to lock a mortgage rate If youre a home buyer, you might be surprised to find out that you cant lock a rate when you get pre-approved. The lender will quickly tell you that you need to find a house, make an offer, and get that offer accepted before you lock.

How much does it cost to lock in interest rate?

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.

Does a lender have to honor a rate lock?

Locking an interest rate is a risk to a lender because if rates go up, they must still honor the one you locked.

How can I lock in my interest rate?

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 long can you lock in an interest rate?

Most rate locks have a rate lock period of 15 60 days. If the rate lock expires before your loan closes, you may have the option to pay a fee to extend the lock period. Otherwise, youll get the interest rate thats available when you lock it before closing.

How much is a typical rate lock fee?

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.

Is it a good idea to lock in mortgage interest rate?

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.

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Send Interest Rate Lock Agreement via SMS