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Correspondent Extended Rate Lock Agreement Date: Loan Number: Borrower Name(s): Term of Loan (months): Property Address: Lock Period: Loan Amount: $ Lock Period: Max interest Rate: Float Down Fee:

How to fill out correspondent extended rate lock

How to Fill Out Correspondent Extended Rate Lock:

1. Gather all necessary information: Start by collecting all the required information for the correspondent extended rate lock. This includes the borrower's name, loan number, property address, and contact information.
2. Review the current interest rates: Before filling out the correspondent extended rate lock, make sure to review the current interest rates. This will help you determine whether locking in the rate is beneficial or if it's more advantageous to wait.
3. Complete the rate lock form: Fill out the correspondent extended rate lock form accurately and completely. Provide the requested information such as loan details, interest rate, lock-in period, and any applicable fees.
4. Submit the form to the appropriate department: Once the form is filled out, submit it to the relevant department or individual within your company. Make sure to review the submission process and follow any specific instructions provided.
5. Keep a copy for your records: It's essential to keep a copy of the correspondent extended rate lock form for your records. This will serve as proof of the lock-in agreement and can be referred to in the future if needed.

Who Needs Correspondent Extended Rate Lock:

1. Borrowers looking for interest rate protection: The correspondent extended rate lock is beneficial for borrowers who want to protect themselves from potential interest rate increases. By locking in a specific rate, they can ensure that their mortgage payment remains the same even if market rates rise.
2. Those anticipating a longer closing period: The correspondent extended rate lock is particularly useful for borrowers who anticipate a longer closing period. By locking in the rate, they can secure a fixed interest rate for a prolonged period, providing stability throughout the home buying process.
3. Borrowers seeking financial certainty: Some borrowers prefer the peace of mind that comes with knowing the exact interest rate they will be paying. The correspondent extended rate lock provides this certainty, allowing borrowers to accurately budget for their mortgage payments.

Remember to consult with a mortgage professional or loan officer to determine if a correspondent extended rate lock is appropriate for your specific circumstances. They can guide you through the process and provide personalized advice based on your financial goals and market conditions.

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What is correspondent extended rate lock?

Correspondent extended rate lock is a guarantee from a lender to hold a specific interest rate for a correspondent for an extended period of time, typically longer than the standard rate lock period.

Who is required to file correspondent extended rate lock?

Correspondents who want to secure a specific interest rate for a longer period of time are required to file correspondent extended rate lock.

How to fill out correspondent extended rate lock?

Correspondent extended rate lock can be filled out by providing the required information about the loan, the desired interest rate, and the requested lock period.

What is the purpose of correspondent extended rate lock?

The purpose of correspondent extended rate lock is to protect correspondents from fluctuations in interest rates and ensure that they can secure a favorable rate for their clients.

What information must be reported on correspondent extended rate lock?

Correspondent extended rate lock must include details about the loan, such as the loan amount, property type, and borrower information, as well as the desired interest rate and lock period.