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MASSACHUSETTSRATE LOCK COMMITMENT
Pursuant to Mass. Reg's. Code tit. 209, 42.02Date:
Borrower(s):Loan Number:
Lender Address:Property Address:I/We have applied for a mortgage loan on the above-mentioned
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How to fill out rate lock commitment
How to Fill Out Rate Lock Commitment:
01
Gather all necessary information: Before filling out the rate lock commitment, make sure you have all the required information readily available. This may include details such as the borrower's name, loan amount, property address, and any specific terms or conditions agreed upon.
02
Review the loan terms: Take the time to carefully review the loan terms and conditions outlined in the commitment. Pay attention to important details such as the interest rate, lock period, and any additional fees or costs associated with the rate lock.
03
Complete the borrower information section: Start by filling out the borrower information section of the rate lock commitment form. This typically includes the borrower's name, contact information, and social security number. Ensure that all details are accurate and up-to-date.
04
Provide loan details: Move on to the section where you provide specific details about the loan. This may include the loan amount, loan type (conventional, FHA, VA, etc.), the purpose of the loan, and any special instructions or requirements from the lender.
05
Specify the rate lock period: Indicate the desired rate lock period, which refers to the length of time that the agreed-upon interest rate is guaranteed to be in effect. This could be anywhere from a few days to several months, depending on the lender's policies and your specific needs.
06
Acknowledge and agree to terms: Read through the terms and conditions carefully. Acknowledge and agree to all the terms stated within the rate lock commitment form by signing and dating it as required.
Who Needs Rate Lock Commitment:
01
Homebuyers: Individuals or families in the process of purchasing a property and obtaining a mortgage loan may need a rate lock commitment. This ensures that the interest rate agreed upon at the time of application remains unchanged during a specified period, protecting them from potential rate fluctuations.
02
Mortgage Borrowers: Borrowers who have already applied for a mortgage loan and want to secure a specific interest rate may require a rate lock commitment. This offers them peace of mind by ensuring that the interest rate will not change before closing on the loan.
03
Lenders and Mortgage Brokers: Lenders and mortgage brokers use rate lock commitments to establish the terms and conditions for borrowers. This helps them manage their lending portfolios, secure rates with secondary market investors, and provide accurate estimates to borrowers.
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What is rate lock commitment?
Rate lock commitment is a promise from a lender to a borrower guaranteeing a specific interest rate for a specified period of time.
Who is required to file rate lock commitment?
Lenders are required to file rate lock commitment.
How to fill out rate lock commitment?
Rate lock commitment can be filled out by providing all the necessary borrower and loan information, along with the agreed-upon interest rate and lock period.
What is the purpose of rate lock commitment?
The purpose of rate lock commitment is to provide borrowers with certainty regarding the interest rate they will pay on their loan.
What information must be reported on rate lock commitment?
Rate lock commitment must include borrower details, loan information, interest rate, and lock period.
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