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Is there any obligation with a "rate lock"???

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August 19 2011 - US
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From the consumers end there is no obligation. Each State has their own legislation protecting the rights of the consumer when it comes to getting a mortgage. There are Mortgage companies that do charge a fee, but it should be 100% refundable to the borrower. Viewing it from the other side of the table, if your are requesting a lock with a lender you should be certain you want to work with that lender. For a lender, it is not a good thing to lock loans that do not get delivered upon.
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August 19 2011
When you lock a rate, you're giving your word that you'll close on that loan at those terms.  Otherwise, no. 
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August 22 2011

Depends on you define obligation.  You are not required by law to close with that lender, however you agreed to lock your rate and if you are asking if you can take advantage of rate improvements the answer should be no.  You cannot have your cake and eat it!

Certain lenders have float down or renegotiation policies, they are not free.  Regardless of what they claim.  No such thing as a free lunch.

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August 20 2011
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Thanks Rick!  This is the answer I have been debating with for over a month now!  So once you have the commitment letter, and you have been locked for months, you stay with that lender, correct?  I know this is a question asked by someone else, but it sure helped me!  Now, 7 weeks till closing and another 3 before I can lock one last time.  Sure hoping that the rates stay where their at!
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August 19 2011
To provide a "good faith" effort to close the loan within in the time period of the rate lock. 
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August 19 2011
 
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