Lenders may offer different options in establishing the interest rate and points that you
will be charged, such as:
Locked-In Interest Rate with Locked-In Points
- You lock both the interest rates and points.
- Considered a true lock because your mortgage terms should not increase before closing
even if market conditions change.
This information is adapted from "A Consumer's Guide to Mortgage Lock-Ins" published
by the Federal Reserve Board and the Office of Thrift Supervision.
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