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Lock-In Agreement
Lender
Lock Terms.
Case Number
Borrower Date
Loan Number
decision you have made about locking in the interest rate and/or discount points for a period of time. Please carefully read the terms
of this Agreement.
Borrower understands that changes to things such as, but not limited to, loan amount, program type, and loan to
value could affect this Agreement.
, I have decided to lock-in according to the Lock Terms below
Loan Terms. This Agreement is based upon the following loan terms:
Payment Type:
Lock In Option. At this time,
s
Adjustable Rate Mortgage Terms Apply. I acknowledge that the rate I am locking is for an Adjustable
%
Lock Expiration Date. This Agreement expires on
Discount Points Lock: $
ARM Program Type:
Index:
Margin:
Rate Mortgage (ARM). This agreement locks the initial interest rate, but does not lock this interest rate in for the
life of the loan and the interest rate over the life of the loan is subject to change. The ARM disclosure that I have
been given fully describes the features of the ARM program that I have chosen.
Loan Amount: $
Loan Term:
Loan Type:
You (borrower) have applied for a real estate loan with
. This lock agreement ("Agreement") describes the
for
Property Address
with this Agreement does not close by the expiration date, the lender is no longer obligated to the terms of this
Agreement. Any terms not locked-in by the lock-in agreement are subject to change until the loan is closed at
settlement.
Lock Fee. This Agreement is conditioned on the remittance of the Lock-In Fee of $
Interest Rate Lock:
. If the mortgage loan associated
Interest Rate and Discount Fees.
%
fee must be paid by
. The
Admin. Code s 5-160-30(D).
. This fee will only be refunded under the circumstances set forth in 10 Va.
days.
Float Option. At this time, I have decided NOT to lock in my interest rate. I understand that it is my responsibility to
contact the lender to obtain current information about rates and fees and to notify the lender when I am ready to lock in my
interest rate. Further, I understand that I must lock my interest rate at least
By signing below, you are indicating your choice to either lock in, or float, the interest rate and/or discount fees. Neither party may
maintain an action on this Agreement unless is it is signed by both parties. If signed by both parties, this Agreement is enforceable
by both the lender and the borrower.
days prior to settlement/closing.
Borrower
Lender
Date
Date
Date
Not a Loan Commitment. This Agreement is neither a commitment to lend, nor a loan approval. The Agreement is subject to the
lender's underwriting and approval requirements.
Date
Refer to the attached Signature Addendum for additional parties and signatures.
Date
The processing, approval, and closing of the loan will require action on the part of both the borrower and lender. The lender will
need to verify the borrower's income and credit information, obtain a title commitment and property appraisal. The borrower will
need to sign and return necessary loan documentation, provide proof of income, and any other item required for the approval of the
loan. Once all information necessary for the approval of the loan is gathered and the loan has been approved, a closing can be
scheduled.
Lender will make every effort to process, approve, and close the loan prior to the expiration date of this Agreement. However, if
the loan does not close by the expiration date, this Agreement may be subject to change.
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