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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?

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

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

Hannah
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.

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