Rates were steady and then started to increase about two weeks ago. At that time, our mortage lender notified my husband that we should lock before they went higher. My husband verbally agreed. Papers to lock the rate were subsequently sent to us via mail while hubby was out of the country. He's back now and rates have dropped again. Since we have not yet signed the documents to lock in our rate, can we lock at the current rate? Or are we stuck at the higher rate since my hubby made a verbal agreement a couple weeks back? We asked our mortage lender, and he's "checking"-- but it doesn't sound promising. Do any of you have experience with this?
Re: question: locking interest rate
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If nobody signed the paperwork, you're not locked. Ask for a new rate lock paper to sign with an updated rate lock on it.
Just curious - what numbers are we talking about? I locked in at 4.25 in June and it hadn't changed by October when we closed!
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