Rate Locks – When and How To Lock a Borrower’s Loan Rate
South State Correspondent
FEBRUARY 12, 2022
In a recent blog [ Here ], we argued that banks are almost always in an inferior position by not re-quoting the loan rate with market movement until the loan closes. We think that when banks book a fixed-rate loan, the fixed-rate must be finalized at the closing table; otherwise, banks give borrowers a free option that has an economic cost – especially in the current volatile and rising interest rate environment.
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