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How to fill out the Rate Lock Agreement Form online
Filling out the Rate Lock Agreement Form online is a crucial step in securing your loan application. This guide provides comprehensive, step-by-step instructions to help you navigate the form accurately and effectively.
Follow the steps to complete your Rate Lock Agreement Form online.
- Click ‘Get Form’ button to obtain the form and open it in the editor.
- Begin by entering the property address including the city, state, and zip code. Ensure all details are accurate to avoid processing delays.
- Fill in the terms section by specifying the loan amount, interest rate, lock-in fee, and loan program (for example, 30-year fixed or 5/1 ARM).
- Indicate the lock date, number of lock days, and lock-in expiration date. It is essential to provide the correct dates in the mm/dd/yyyy format.
- If you are applying for an adjustable rate mortgage, complete the adjustable rate mortgage terms section, including index type, index name, margin, maximum possible interest rate, and the date of the first interest rate adjustment.
- Review the conditions regarding the refund of the lock-in fee. Indicate whether it is refundable and, if so, outline the conditions for its refund.
- Both borrowers must sign the form in the designated signature fields. Include printed names and the date next to each signature.
- The loan originator or mortgage loan officer must complete their section by signing, printing their name, and dating the form.
- Once all sections are completed, review your entries for accuracy. You can then save the changes, download, print, or share the completed form as needed.
Start filling out your Rate Lock Agreement Form online today to secure your loan!
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A rate lock protects you from higher rates, but you won't get a lower rate, either, unless you have the option for a one-time 'float down. ' Once locked, the loan's interest rate won't change barring any changes to your application details. You're protected from higher rates, but you won't get a lower rate, either.
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