Is there typically a fee charged to lock in an interest rate?

Asked by Sharon Slabaugh, Portland, OR Tue Aug 14, 2012

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Gregorio Denny’s answer
Gregorio Den…, , San Diego, CA
Wed Aug 15, 2012
Your question is not clear. If you mean do YOU have to pay your lender an up front fee to lock a rate, then the answer is no. If you mean are there different fees associated with locking a rate, then the answer is yes. Longer locks cost more than shorter locks and the pricing for them is built into the interest rate that is offered or paid by you at closing in the form of discount points. So yes there is a fee for locking a rate for a period of time but no, there is no up front fee charged to you for the privilege of locking it. (Or at least there should not be, if so, follow John's advice and find a new lender)
Web Reference:  http://WeFixRates.Com
1 vote
Marvin Von R…, Agent, Tigard, OR
Fri Sep 28, 2012
Semantics. Locking a loan for extended periods of time can raise its cost, which I suppose one could call a lock in fee but tomato toMAHto, right? Thumbs up to Gregorio
0 votes
, ,
Wed Aug 15, 2012
Hi Onesls,

The only time there's a fee for locking in an interest rate is if you're doing an extended lock like 90+ days.

If you were charged a fee for locking in under 60 days, you need to look for a new lender.
0 votes
Mack McCoy, Agent, Seattle, WA
Tue Aug 14, 2012
Yes, there is.

All the best,
0 votes
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