3 keys to a perfect rate-lock

Walk away if lender doesn't put these in writing
Published on Dec 6, 2010

Get Inman via Facebook Messenger
Our top headlines delivered once a day.
by CareyBot

"In your recent article on locking problems, you advise borrowers to protect themselves by getting the lender 'to clarify its ground rules for locking, preferably in writing.' We always play it straight with borrowers but we don't write too well -- how about giving us your version of what an honest lender's lock statement would look like?"

Fair enough, here it is. The statement is for "Fair-Locking Lender," or FLL. Side comments directed to borrowers are in brackets.

FLL's Lock Policy

When FLL locks your loan, it commits to the interest rate, points and other fees that are shown in our Lock Confirmation Statement, regardless of whether or not market interest rates increase between the date the lock is issued and th