Will You Be Charged For A Lock-In?

You might find that your lender will charge you a certain fee for locking in the interest rate and agreed upon number of points for your mortgage. Several lenders might charge the fee up-front and may not refund if you for any reason decide to withdraw your application if you choose not to close the loan or your credit is denied. Other lenders will charge the fee at the settlement. You should make sure how much the fee is when talking to your lender as the fee might be flat, it can be a percentage of your mortgage amount or other. The amount of the fee that lenders will charge varies and might also depend on for how long you plan on locking in the rate.