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Lock In Your Loan
Lock In Your Loan
The closest you may ever come to playing the stock market could be when you gamble for a lock-in while buying a home. A lock-in, rate-lock or rate commitment is a lender’s promise to hold a certain interest rate and points for you for a specified period of time. Points are additional charges imposed by the lender that are usually pre-paid by the consumer at settlement but can sometimes be financed by adding them to the loan amount. One point equals one percent of the loan amount.
Depending on the lender, you will lock in the interest rate and number of points you agree to pay either at time of application, during processing of the loan, at time of loan approval, or later.…
