Virginia Rate Lock Agreement

If you have an app with the lender and you have listed a property, you have blocking rights. It`s up to you to check every day with the lender where the interest rates are. Some credit officers with go lenders may call you from time to time with interest rate updates, but as a general rule, they are not required to do so. However, some lenders will allow a single float down at a lower interest rate if interest rates fall dramatically during your tax ban period. As a general rule, a lender will not accept a float down unless market interest rates have fallen by a quarter or more. Slight reductions in tax rates will have little effect. 9. A statement that, if the loan is not made within the commitment period, the mortgage lender is no longer bound by the agreement of commitment and that the commitment fee paid by the applicant is repaid only in the circumstances under sub-part C of this section and in the other circumstances provided for by the undertaking agreement; and once you have frozen your interest rate, that rate will be set for the chosen blackout period, unless the terms of your loan change. If you have any questions about blocking an interest rate, please contact your mortgage agent. Your request must include the specific price and points available that day that you want to block. We also need the property address if this has not yet been specified. 2. the interest rate and points for the mortgage, and if it is a variable rate, the initial rate and a brief description of the method used to determine the interest rate (e.g.

B index and margin); We will send you a confirmation letter within 3 business days of receiving your lockout request to inform you that we have received and accepted your request. This letter is not an obligation to make the loan or close your loan until a specific date. Low interest rates have been new in recent years. Yes, interest rates have recently risen from historic lows, but they remain a bargain. If you`re a little more attentive than before to interest rate announcements, it`s probably because you`re thinking about refinancing your current VA loan or preparing to buy and finance a new property with your VA home loan advantage. E. A mortgage broker cannot grant a lock-up agreement to a consumer, unless the mortgage broker has effectively suspended the mortgage, including the applicable interest rate, points and other conditions, with a mortgage lender.