Lock-In with no paperworks signed?

We have been recently dealing with our loan officer for a week now regarding about our house loan. We lock-in a FHA Loan rate of 5.5% for 30 days thru the telephone. It is our first time. And right now, we are on the process of signing the initial Loan Docs and we notice that there paperworks to sign if we wanted it to check Guartanteed Lock for 5.5% or Float. After we lock-in on Sept. 9 we notice that the rates went down due to the market Aig, Lehman Brothers, etc.. now we are thinking, are we totally lock-in or not? because we didn't sign anything. everything was done thru a conversation and that the loan officer will work on the locking in.

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  • car253
    Lv 7
    1 decade ago
    Favorite Answer

    It think you should post your question under credit, not insurance.

    You will get a better answer.

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  • 1 decade ago

    i think u can do little as the initial docs bounds u.

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