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MORTGAGE RATE LOCKIN AGREEMENT Date: APRIL 15, 2015 Licensee ( "Lender "): R M K FINANCIAL CORP D/B/A MAJESTIC HOME LOAN Applicant Name(s): Sample CT Sample Property Address: 1103 N. Linden.

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Your mortgage rate lock is a commitment between you and your lender. As long as your home loan closes by the rate's expiration date, your lender cannot change your rate — even if current rates suddenly skyrocket. This provides great peace of mind for borrowers.

Cons Of Locking Your Mortgage Rate Today Some downsides to locking in your rate right away include the following: Interest rates may fall after you lock in. You could miss out on the chance to score an even lower interest rate. Letting the lock period expire has consequences.

When you lock your interest rate, you're protected from rate increases due to market conditions. If rates go down prior to your loan closing and you want to take advantage of a lower rate, you may be able to pay a fee and relock at the lower interest rate. This is called "repricing" your loan.

If interest rates happen to go up during the period when your rate is locked, you get to keep your lower rate. On the other hand, if you lock your rate and interest rates fall, you can't take advantage of the lower rate on a refinance unless your rate lock includes a float-down option.

A lock-in or rate lock on a mortgage loan means that your interest rate won't change between the offer and closing, as long as you close within the specified time frame and there are no changes to your application.

Commentary to Regulation Z indicates a written agreement is required for a rate lock. 37(a)(13) Rate lock. 1. Interest rate.

The lower the interest rate, the more willing people are to borrow money to make big purchases, such as houses or cars. When consumers pay less in interest, this gives them more money to spend, which can create a ripple effect of increased spending throughout the economy.

Contact your lender or broker and ask for the rate lock. Provide a time frame, too. Review your new Loan Estimate. Your lender's new Loan Estimate should clearly say the interest rate can't increase unless the rate lock expires.

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© Copyright 1997-2025
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232