Things you should Know about Lock-Ins

Part 8

This is part eight of a nine part article on the understanding of Mortgage Lock-Ins.

Things you should Know about Lock-Ins

You need to know what to look for so you can make a good decision on what it is that you want to do. You need to know if a Lock-In is best for you. This can keep your loan process moving and can lessen the chance that your Lock-In will expire. But if it does expire and you feel the lender is at fault or someone else involved in the loan process, try to reach a mutual satisfactory agreement with the lender. If this does not work, send a letter to your state or federal regulatory agency.

Some lenders offer Lock-In terms which are impossible to fulfill and therefore fail to process your loan diligently or cause the Lock-In to expire. You may have contractual rights under your Lock-In, consult with an attorney. Be aware that any complaint you have may not be resolves as quickly as may be necessary for a home purchase. There are state and federal agencies available for your protection.

Listed below are some of the State and Federal agencies designed to help you should you feel that you have been defrauded by a lender due to a Lock-In. The information contained in this brochure is intended to help you ask the right questions when shopping for a loan.  It is not a replacement for professional advice.  Talk with mortgage lenders, real estate agents, attorneys, and other advisors, about lending practices, mortgage instruments, and your own interests before you commit to any specific loan. Ask your lender or real estate agent for the following related pamphlets:

• A Consumer's Guide to Mortgage Refinancings
• A Consumer's Guide to Mortgage Settlement Costs
• Consumer Handbook on Adjustable Rate Mortgages

This and many other helpful consumer articles may be found at www.debtkiller.com or by reviewing Janna's many regular personal financial updates at her blog, http://jannajones.blogspot..com