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Page 13<br />
The interest rate on your Loan Estimate is not a guarantee. If your rate is floating<br />
and it is later locked, your interest rate will be set at that later time. Also, if there are<br />
changes in your application—including your loan amount, credit score, or verified<br />
income—your rate and terms will probably change too. In those situations, the<br />
lender gives you a revised Loan Estimate.<br />
There can be a downside to a rate lock. It may be expensive to extend if your<br />
transaction needs more time. And, a rate lock may lock you out of better market<br />
pricing if rates fall.<br />
THE TALK<br />
Rate lock policies vary by lender. Choosing to lock or float your rate<br />
can make an important difference in your monthly payment. To avoid<br />
surprises, ask:<br />
“What does it mean if I lock my rate today?”<br />
“What rate lock time frame does this Loan Estimate provide?”<br />
“Is a shorter or longer rate lock available, and at what cost?”<br />
“What if my closing is delayed and the rate lock expires?”<br />
“If I lock my rate, are there any conditions under which my rate could<br />
still change?”<br />
SECTION 1: CHOOSING THE BEST MORTGAGE FOR YOU 13