The Mortgage Professor

Mistakes in Locking the Price

Allow the price to float on a home purchase transaction.

Accept a mortgage broker’s verbal assurance that the loan has been locked with the lender.

Select a lock period that isn't long enough for the lender to finish processing the loan.

Believe that fixed-dollar lender fees, and rate adjustment caps on ARMs, are covered by locks.

Be Unsure What Type of Mortgage You Want When You Lock