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Can a lender lock-in the expected average mortgage interest rate on applications that are taken prior to January 1, 2009?

April 26, 2017applications average Interest rate january 1 2009 Lender Lock-in mortgage prior

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Can a lender lock-in the expected average mortgage interest rate on applications that are taken prior to January 1, 2009?

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Yes. Lenders choosing to lock-in at initial application will do so at their own risk of knowing that the 120-day clock begins on the day the FHA case number is issued January 1st or later.