Locking in a loan

[josie meli]

I am a newbie as well and need help.

[B]How do you lock in a loan to the interest rate or what locks in a loan?[/B] ?

It's a conventional loan, 10% down, purchase price $305,000.,

[Troy]

Each lender has a form that you typically fax in for the rate lock. Some will allow you to lock online. Ask your broker or mentor and they'll walk you through it.

If your broker isn't available call your AE with the lender and ask them to email you their rate lock form....or you can ask the AE to lock it for you, but make sure they fax/email you confirmation when the rate is locked just in case something goes wrong later.

Hope that helps!

Troy

[josie meli]

It has thanks.

josie

[Lynn Alexander]

I am in process of refianacing my mortgage. The rate is locked however I don't think I need as much as think so I call my broker that I like to lower the loan amount. She told me since rate is locked the loan amount can not be changed. Is it ture? Any suggestion? Thanks........!!

[iwaseem]

Hello Lynn

i dont know if you already got a refi and your mortgage lowered....but u can have your mortgage lowered even if it is locked. If you have not please let me know and i may be able to help you.

thank you

[makepurple]

Try to have a loan modification.

[AlbertNamatzira]

Refinancing has implications of rate locks.

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[ramirezhenry55]

workanytime, your post seem to be lost in this thread dude.