Locking Mortgage Rates

by Terri from Salem, MA USA

Regarding Locking Mortgage Rates: Kate, I am in the process of refinancing my condo. When I locked in the interest rate, I was not told that I would have to pay a Mortgage Rate Lock Fee. I just received the documentation from the lender and to my surprise the rate lock fee is $2,050.

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Is this fee equitable, or what? The locked rate is 4.875 percent for 30 years.

Also, I asked if the mortgage is going to be sold or remain with this bank. I was told it would remain. Now I find that they want me to sign a document that would state that they could transfer this mortgage.

This is my local bank so I thought it would be a good place to start. I'm not so sure now. Any advice would be appreciated.

Kate Answers: Locking Mortgage Rates

Hi Terri, Thank you for contacting Get-Your-Best-Mortgage-Rate with your question. I have answered your request for help with locking mortgage rates at Lock Mortgage Rates - How To Avoid Hidden Fees.

Regarding your second question, signing a transfer disclosure is a federal requirement whether or not lenders sell mortgages. I once worked for a bank that never sold loans. Never that is until the bank itself was sold along with all of the mortgages. As a mortgage professional, I never questioned the use of that disclosure again!

Please feel free to come back to my website again in the future with more questions. Of course, you can invite your friends to comment on this page or create one of their own.

Now go to Lock Mortgage Rates - How To Avoid Hidden Fees for the answer to your main question.

Best Wishes,

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P.S. Go to my Best Mortgage Rate Blog, an entertaining source of mortgage information. Subscribe now to the RSS feed.

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