I gave my lender a verbal OK to lock in the mortgage interest rate, was that binding?

UPDATED: Oct 1, 2022

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I gave my lender a verbal OK to lock in the mortgage interest rate, was that binding?

The next day the rate was lower but I also noticed on our purchase agreement that the box was checked that we had not locked in. I said to the lender that it looked like we were not locked in. My husband and I did not sign a lock in and he never verbally said to. He said this is how they do it and would be sending a disclosure about our lock in. We have to sign for everyhting else so to me it seems like we should be able to float. Are we locked in or not?

Asked on February 2, 2019 under Real Estate Law, Florida


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

Only a written confirmation that your rate was locked in will lock it in. An oral ("oral," not "verbal," is the correct term for "unwritten") does not constitute a lock-in, since when there is a written agreement, only terms that are themselves in writing are part of that agreement. You cannot have oral terms when there is otherwise a written agreement.

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