Wanted to know about lock in

Hi,

It is a promise made by the lender to hold certain interest rate and certain number of points while your loan application is processed. It is also called as rate-lock ot rate commitment.

Thanks,
Jerry

Hi

Thanks for the reply. Will I be charged something if I go for lock in by the lenders?

Hannah

Hi Hannah,

Welcome to MortgageFit Forums,

Lenders generally charge a lock-in fee that is not necessarily refundable. The amount of the fees depends on the length of the lock-in period and the amount also varies from lender to lender.

For more information on this topic please visit our section on Lock in interest rate.

God Bless You.

Thanks,
Samantha