An interest rate lock agreement is a written deal between a borrower and a lender where the lender agrees to ‘lock’ the rate of interest at the current market by which the borrower can be protected from volatile interest rate movements. This agreement is created in good faith, and in return for the lender’s consideration, the borrower works toward the paying off the loan. This move is extremely helpful in saving money and goes a long way to regulate your expenses.
When we decide to buy a house and select a lender accordingly, by the time the lender prepares all the paperwork and other documents, the interest rate may go up or down till closing of the loan. In anticipation that they will go up, borrowers will gain if they decide to lock in the interest rate by discussing it with their creditor, who will mention in the agreement that he has locked a rate for you, thereby saving costs.
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Sample Interest Rate Lock Agreement
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