Lock Mortgage Rates - Avoid Hidden Fees

If you lock mortgage rates over the phone, how do you protect yourself against hidden fees? Unexpected cost is the number one problem for home loan applicants when it comes to locking mortgage rates. No exception is Terri who was informed of $2050 in additional mortgage points a few days after locking in her interest rate over the phone.

Respond To Hidden Fees In Writing

My answer to Terri's request for advice is respond to the mortgage company in writing.

Include details of the phone conversation, the verbal agreement and why you decided to lock mortgage rates on that particular day. Think back to any fees that were discussed.

Send a copy of your letter to the individual representative and the supervisor in charge. Be aware you might have a project on your hands because I doubt the mortgage company is going to respond with an automatic agreement to eliminate or reduce mortgage points.

Confused over mortgage points and other terminology? Go to Reducing Mortgage Closing Costs for an easy to understand guide to good faith estimates.

Locking Mortgage Rates

Keep in mind as a last resort you have the right to cancel your application and switch lenders. To be safe, ask about cancellation fees. And keep in mind, if you lock in rates at another lending company, interest rates could have changed. See my guarantee to those who are unsure of timing their mortgage rate lock.

In closing, the best solution to avoiding hidden fees is to ask the right questions before you lock mortgage rates.

Mortgage Interest Rate Lock Agreements

Good faith estimates and locking mortgage rates are not the same. Get the nitty gritty on mortgage interest rate lock agreements here.

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Finding The Help You Need For Locking Rates

My Interest Rate Lock Guarantee - Help for timing your rate lock.

The best solution to avoiding hidden fees is to ask the right questions before you lock mortgage rates.

All about getting mortgage broker fees in writing - Otherwise your rate lock is meaningless!

How good is a mortgage interest rate lock guarantee? In the end, you have to read your lender's paperwork.

Because Yield Spread Premium is a common reason for losing your rate lock, here is the insider scoop on this odd sounding term.

Questions to Ask BEFORE You Lock

Ask Kate about locking - Ask a question and get an answer from Kate.

Search Readers' questions and Kate's answers at Mortgage Rate Lock Center



How To Lock Mortgage Rates - If you lock mortgage rates over the phone, learn how to protect against surprise.