A mortgage quote and a locked interest rate are not the same thing. If you are buying in Atlanta, confirm the status of the rate and the dates attached to it before organizing the rest of your closing plans. A clear explanation of the lock can help you understand which parts are established and which still depend on timing or changes in the application.
Ask whether the rate is actually locked
Request the lock status in writing rather than relying on a conversation about an estimated rate. The CFPB explains that an unlocked rate can change. If a lock is available, ask which loan terms it covers and what conditions apply. Do not assume receiving a Loan Estimate automatically means your rate has been locked.
Match the lock period to a realistic schedule
Discuss the property, underwriting work, and contract date with the loan officer before choosing a lock period. Ask what tasks remain and who is responsible for them. A target closing date is useful for planning, but it is not proof that all conditions will be completed by then.
Understand expiration and extension questions
Ask when the lock ends, how an extension is requested, and whether a fee or other pricing change could apply. Find out whom to contact if the closing schedule moves. The CFPB notes that extending a lock can involve costs. Do not assume every delay produces an automatic extension on the original terms.
Report application changes promptly
Tell the lender about changes affecting the loan request, property, credit, income, or funds. A lock does not replace underwriting or guarantee the same outcome after material information changes. Ask the loan officer how a proposed change could affect the lock before making a decision based on the earlier quote.
Should you lock immediately or keep watching rates?
That is a decision about the available offer, timing, and your tolerance for uncertainty. Request an explanation of the alternatives and any lock-related policies relevant to your loan. Avoid planning around a prediction that rates must move in your favor. Choose a process you understand and can carry through to closing.
Discuss your next step with Reliant Mortgage
Contact Reliant Mortgage about your Atlanta purchase timeline. Ask for the available rate-lock terms, expiration details, and remaining conditions before choosing how to proceed.
Contact Reliant Mortgage about your financing questions.
Helpful resources
CFPB: understanding a mortgage rate lock
CFPB: selecting an offer and reviewing lock timing
Loan options and availability depend on borrower and property eligibility, program requirements, and underwriting. This article is educational and is not a commitment to lend.
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