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  • New Mexico: Rate Lock Disclosure - Interbank

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New Mexico: Rate Lock Disclosure State of New Mexico Financial Institutions Division Date: GENERAL INFORMATION Lender Name: Loan Number: Borrower Name(s): Property Address: City: State: Zip Code:.

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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.

Locking your interest rate means the rate will stay the same from the time of the rate lock until the rate lock expiration date, regardless of changing market conditions. Your final interest rate may be higher or lower than what was initially quoted to you if there are changes before your loan closes.

If you want to avoid uncertainty and preserve the rate in your mortgage loan offer, get a mortgage interest rate lock. Interest rate locks can offer peace of mind to borrowers, but they are not foolproof—you could miss out on a lower interest rate after you lock and your loan might not close before the lock expires.

Cons Of Locking Your Mortgage Rate Today 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. If you lock in a mortgage rate but ultimately allow it to expire, the lender might charge you hundreds of dollars.

Borrowers typically can't lock in a rate until after the initial loan approval — and they worry that by locking in too early, they might miss the opportunity for a better rate before they complete a purchase, or that they might get stuck paying extra to extend the lock once it expires.

The purpose of the New Mexico Mortgage Loan Originator Licensing Act [58-21B-1 NMSA 1978] is to protect consumers seeking mortgage loans.

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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
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
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