Can we lock interest lock after hours or weekend or does it have to be during business hours ?
johnpau2009 asked:
1) Usually when can brokers/lenders can lock a interest rate ? is it just during the business hours ? can they lock during the weekends also ?
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1) Usually when can brokers/lenders can lock a interest rate ? is it just during the business hours ? can they lock during the weekends also ?
2) Do they have to lock during NASDAQ business hours ? or do is relate to the bank hours who is lending money ?
3) Since rates keep fluctuating every hour and minute,how do they lock ? is a rate sheet valid for few hours ?
June 27th, 2009 at 4:50 pm
They lock when you talk to the loan officer…if the loan officer works from 8 to 5, those are the hours you can lock. The lock goes in effect when the officer gets the word.