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Wanted to know about lock in

Posted on: 17th Nov, 2005 01:24 am
I want to know about what is lock in?


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.

Posted on: 17th Nov, 2005 01:40 am

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

Posted on: 17th Nov, 2005 01:45 am
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.

Posted on: 17th Nov, 2005 01:54 am
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