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    Question ID:   19424         Current Version: 1
Question: Will I be charged for a mortgage interest rate lock-in?
Category: Business & Finance > Renting & Real Estate
Keywords: cost, charge, mortgage, loan, interest rate, lock in, lock-in
Type: other
Rating:(0 ratings)    Views: 67    Discussions: 0   In Watch Lists: 1  

 
    Answer:

Lenders may charge you a fee for locking in the rate of interest and number of points for your mortgage. Some lenders may charge you a fee up-front, and may not refund it if you withdraw your application, if your credit is denied, or if you do not close the loan. Others might charge the fee at settlement. The fee might be a flat fee, a percentage of the mortgage amount, or a fraction of a per­centage point added to the rate you lock in. The amount of the fee and how it is charged will vary among lenders and may depend on the length of the lock-in period.

Source: Federal Reserve Board

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    More Readings :
[QID:19422]    What is a mortgage loan interest rate lock-in?  
[QID:19423]    Will mortgage interest rate lock-in always be in writing?  
[QID:19399]    What will mortgage loan refinancing cost?  
[QID:19400]    What is "no-cost" refinancing?  
[QID:4298]    Why do interest rates on different types of loans differ?  
[QID:4299]    What are the basics about mortgage rates?  
[QID:19382]    Am I eligible to refinance?  
[QID:19381]    When is refinancing not a good idea?  
[QID:19367]    What is a mortgage loan prepayment penalty?  
[QID:19313]    How to shop for a mortgage?  
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