3 keys to a perfect rate-lock

Walk away if lender doesn't put these in writing

"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 the date your loan is funded. Similarly, you are committed to honor the lock if market interest rates decline during that period.