Mortgage Rate Lock - Timing Information

Lock in your Rate

After your loan is submitted for processing but before the final closing documents are drawn, you can “lock in” your interest rate and discount point structure . Your mortgage broker or lender will contact you once your application has been received. You should give careful consideration to the timing of your lock request. Unfortunately, if interest rates decline after your lock has been confirmed, your mortgage lender cannot renegotiate your lock. You should only lock a rate when you are certain that you are comfortable closing your loan at that rate and within the designated period of time. After all, your mortgage lender has agreed to honor your rate even if rates go up after you lock in your rate.