||A mortgage rate lock-in is an agreement between a lender and you. It specifies
a mortgage loan program, an interest rate, total points due and an expiration date of the agreement. We guarantee that regardless of market conditions, you will receive a loan with terms according to the rate lock-in agreement.
Are there rate lock-in fees?
Customarily, most "internet mortgage mills" charge fees up front to lock in your rate. Their rate lock period is for 30 days on the internet, with substantial fees to extend the rate lock.
The Advisor Mortgage Group does not charge "lock-in" or commitment fees in advance to apply for a loan. We lock your rates for 45 calendar days, which is much more realistic for closing on a loan.
When is the rate lock commitment?
We commit to a rate lock at the time we discuss your loan application over the phone. Others commit only after a written confirmation is supplied to you, potentially risking a rate increase.
Are there cancellation fees?
With the Advisor Mortgage Group, you apply without an up-front commitment fee. In order to start the loan application processing, we require the appraisal fee be paid up front. If you back out of the loan, there's no cost, unless the appraisal has already been performed.
What Happens If Rates Decrease After A Rate Is Locked?
If rates decrease by more than 3/8% between the time borrowers locks their rate and the time of closing, borrowers will be offered an option to renegotiate their existing rate lock. Please note that renegotiation might cause the scheduled closing date to be delayed.