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When is a Mortgage Rate Lock Not a Lock?

Date: January 5, 2002
Author: Diana McCabe
QUOTE: Consumers who clamored to snap up low rates flooded brokers, leaving lenders overworked and swamped with applications...
Now, as lock deadlines approach, borrowers are fretting that they may get stuck with a sour deal.

ABSTRACT: <p>ABSTRACT: Many lenders have increased the amount of backup paperwork they require with a consumer's application to lock in an interest rate; consumer need to pay careful attention to what steps their lender requires and that they get written confirmation of the interest rate lock.</p>

--- A. Browning

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