So my husband inquired into more information about the rate lock and he got some information back that I was unfamilar with. It is the first time I have heard of this and I just wanted to see if any of you guys have heard of it. Our loan officer told him that if we lock at 60 days and at 3.5 we will receive $1895 off of our closing cost. If we wait to lock at 30 days at which time the rate could be lower and we will not receive any money off of our closing cost.
I am completely confused and wanted to know if any of you guys had heard about this before?