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Jul 12, 2017
11:17
:39
am
cougsrule
All-American
Locking is a commitment so don't lock if you aren't done shopping.
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cougsrule
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cougsrule
Joined
Apr 9, 2009
Last login
May 18, 2024
Total posts
6,409 (26 FO)
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Messages
Author
Time
What does it mean when you verbally tell the mortgage guy to lock the rate?
Paco
7/12/17 11:13am
the investor is committing to you a certain rate, so you should be committed.
cougsrule
7/12/17 11:16am
Someone correct me if I'm wrong
XORCoug
7/12/17 11:16am
Locking is a commitment so don't lock if you aren't done shopping.
cougsrule
7/12/17 11:17am
I agree 100%, but strictly from a contractual standpoint
XORCoug
7/12/17 11:19am
There aren't. You have no obligation to accept a loan from anyone.
PGVikingDad
7/12/17 11:20am
No there aren't. You can back out, but you should be done rate shopping.
cougsrule
7/12/17 11:21am
It seems like a non-refundable fee would be a better way to go.
Paco
7/12/17 11:38am
Just don't lock until you are done shopping. It's that simple.
cougsrule
7/12/17 11:55am
Weird system. Maybe it makes sense to people in the industry.
Paco
7/12/17 12:29pm
Mostly I think the realtors/lenders could stand to communicate this stuff better
buffgato
7/12/17 12:33pm
There are strings if you switch. You have to reimburse the mortgage company
Pick-Six Coug
7/12/17 11:25am
This. We went through this exact scenario a year ago
buffgato
7/12/17 11:42am
I stand corrected. Thanks.
XORCoug
7/12/17 11:45am
I dealt with this last year. I locked just before the Brexit vote and when the
SpecialT
7/12/17 12:16pm
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