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I'm working with someone that received all my financials, and has quoted me a good rate, but hi is not going to lock in the rate before he gets the disclosers signed. I would like to kindly ask two questions. What are the risks involved in signing the disclosers without a lock guarantee? If I sign the disclosures. How long should I give him to lock the rate before I back out of the deal?
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The rate-lock agreement, is a separate agreement after your lender has initially approved your Form 1003. You pay extra (usually) to have the rate locked in. Without the bank knowing whether you even qualify for their loan or not (based on full doc or whatever disclosures are being requested), I do not see why the bank would sign an agreement with you for a rate lock, regardless of where the bond markets go. They may unilaterally offer (for free) a rate lock-in, but your finances have to look really good to them.Raheel Shahzad, Attorney, CPA, Real Estate AgentChicago, IL*Above is not legal advice but general information; your facts and jurisdiction may be different*
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