What are some questions to ask your lender about Lock-Ins?

Part 7

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

What are some questions to ask your lender about Lock-Ins?

Does your lender even offer a Lock-In of the interest rate and points?

When will the lender allow you to Lock-In the interest rate and points? When you apply for the loan or when it is approved?

Will the Lock-In be in writing? If not, can you ask for it in writing?

Does your lender charge a fee to Lock-In your interest rate? Will the fee increase if you have a longer period? How much is the increase?

If you have Locked-In a rate and the lender's rate drops, can you Lock-In at the lower rate? Will there be an additional fee for doing this?

Can you float your interest rate and points now and lock them in later?

How long will it take you to process your loan?

What is their average time for processing loans?

Has the lender's loan volume increased? Heavy volume may increase the lender's average processing time.

What rate will be charged if the Lock-In expires before settlement? Will it be the same rate in effect when the Lock-In expires?

If you do not settle with-in the Lock-In period, will the lender refund some or all of your application or Lock-In fees if you decide to cancel their application?

If the Lock-In expires, and you want another Lock-In at the rate in effect at the time of the expiration, will the lender charge additional fees for second Lock-In?

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