Valentina
Thu Sep 26 2024
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6 answers
1432
Can a rate lock be transferred?
Can you clarify, is it possible for a rate lock to be transferred from one borrower to another? I understand that rate locks are commonly used in mortgage lending to secure a specific interest rate for a set period of time, but I'm unsure if this commitment can be reassigned to a different individual or entity. Are there any specific conditions or restrictions that would need to be met in order for a rate lock to be transferred successfully? I'm eager to learn more about the process and any potential implications it may have on the original borrower and the potential recipient of the transfer.
