I gave my lender a verbal OK to lock in the mortgage interest rate, was that binding?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
I gave my lender a verbal OK to lock in the mortgage interest rate, was that binding?
The next day the rate was lower but I also noticed on our purchase agreement that the box was checked that we had not locked in. I said to the lender that it looked like we were not locked in. My husband and I did not sign a lock in and he never verbally said to. He said this is how they do it and would be sending a disclosure about our lock in. We have to sign for everyhting else so to me it seems like we should be able to float. Are we locked in or not?
Asked on February 2, 2019 under Real Estate Law, Florida
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
Only a written confirmation that your rate was locked in will lock it in. An oral ("oral," not "verbal," is the correct term for "unwritten") does not constitute a lock-in, since when there is a written agreement, only terms that are themselves in writing are part of that agreement. You cannot have oral terms when there is otherwise a written agreement.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.