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When Should A Rate Be Locked In

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Question: 
I have researched when a rate should be locked in. I say it is before loan closing but I am being told it can be after closing.
Answer: 

There is no requirement for a bank to lock a rate for sale on the secondary market. It just depends on whether the bank wants to take the interest rate risk or not. If you are talking about a customer locking a rate, that of course, must be done before the loan closes.

First published on BankersOnline.com 3/4/13

First published on 03/04/2013

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