The short answer is:
A contract guaranteeing the current mortgage market rate in the event Stocks rally like they did yesterday.
For an expanded definition, READ HERE
Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001 - Saint Charles, IL
Vice-President of National Production
This is great...b/c a lot of people say that they've locked someone in, but in reality they're floating and violating the agreement with their client. Nice post.
Jan 24, 2008 01:08 AM
Diverse Solutions - Los Angeles, CA
Larry: I posted that exact comment in the Red Flags section of the post. Leave it to unscrupulous lenders to do that to ya. I'd opt for a written rather than verbal rate-lock.
Jan 24, 2008 01:28 AM
Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC
Your Agent for Life
Ricardo - A lot of lenders include the lock-in agreement in the closing package. It's much more than a 'sales pitch'.....it is a reality. I'll call you soon my friend.
Jan 24, 2008 01:33 AM
100% Realty, Inc. - Santa Rosa Beach, FL
Florida Real Estate
Ricardo, thank you for your call and your valuable information... It is clear to me why you are successful in you business. You are doing a great job. You won my confidence. If and when I need a loan or to refinance, I'll talk to you!!
Jan 24, 2008 08:10 AM
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I work for Diverse Solutions, Inc. a real estate technology firm based in Irvine, CA. We offer Mapping IDX Solutions and a WordPress IDX Plugin to make real estate agents more successful. Overall, I'm passionate about marketing and technology for the real estate industry!
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