Protect yourself against loan lock scams

A price quote means nothing until it is properly locked with the lender. A rate lock, as it is commonly called, is the lender’s commitment that it will make the specified loan at the specified price within a specified future period. The price includes not only the interest rate but also points, which are upfront charges expressed as a percent of the loan; fixed-dollar charges; and (if the loan is adjustable-rate) the margin and maximum rate. </p …

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