Mortgage Interest Rate Lock-Ins
Questions to Ask


Rate Locks 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?
  • Will the rate lock be in writing? If the rate lock 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 rate lock 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 rate lock expires before settlement -- will it be the rate in effect when the rate lock expires?
  • If you do not settle within the rate lock period, will the lender refund some or all of your application or rate lock fees if you decide to cancel the loan application?
  • If your rate lock 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 rate lock?
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