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Questions to Ask Your Lender About Lock-Ins

Confused about Lock-Ins? Ask your lender these questions to get the complete story.

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Lock-Ins and Fees

  • Does the lender offer a lock-in of the interest rate and points?
  • When will the lender let you lock in the interest rate and points? When you apply? When the loan is approved?
  • ill the lock-in be in writing? If the lock-in is not in writing, you will have no record of the lender’s agreement with you in case of a dispute.
  • Does the lender charge a fee to lock in your interest rate? Does the fee increase for longer lock-in periods? If so, how much?
  • If you have locked in a rate, and the lender’s rate drops, can you lock in at the lower rate? Does the lender charge you an additional fee to lock in the lower rate?
  • Can you float your interest rate and points for now, and lock them in later?

 

Loan Processing Time

  • How long does the lender expect to take to process your loan?
  • What has been the lender’s average time for processing loans recently?
  • Has the lender’s loan volume increased? Heavy volume might increase the lender’s average processing time.

 

Expiration of Lock-Ins

  • What rate will be charged if the lock-in expires before the settlement?
  • If you don’t settle within the lock-in period, will the lender refund some or all of your application or lock-in fees if you decide to cancel the loan application?
  • If your lock-in expires and you want to get another lock-in at the rate in effect at the time of the expiration, will the lender charge an additional fee for the second lock-in?

This information is adapted from "A Consumer’s Guide to Mortgage Lock-Ins" published by the Federal Reserve Board and the Office of Thrift Supervision.


Published on February 15, 2007

Read full article at realestate.com
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