Will I receive new GFE once I lock a rate?

None of the initial disclosures binds you to a particular rate or program. The GFE is exactly what it stands for, an estimate. Once you are at the point where you are locking your loan, you will recieve a set of revised disclosures reflecting the rate and corresponding points or credits. you will not have to sign ALL the docs again, but will have some revised docs that require your signature. you will also recieve a rate lock disclosure outlining the rate you chose and any corresponding credits or points. I would advise you to keep a close eye on rates as they have come up from previous weeks.

If you're dealing with a broker, you will get another set of disclosures, however they don't require signatures.. The GFE is an estimate and usually you only get one.. if the APR goes up from your initial disclosure more than 1/8 of a percentage, then that must be re disclosed to you, and there's a 3 day waiting period before you can sign doc's... you are not bound by anything up till the time you sign the final paperwork.. You will have to sign a new TIL if you choose a higher rate... usually the rate lock conformation is not sent unless it's requested.. The best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

YES, you will get a few new disclosures once you lock your interest rate. Those include the Good Faith Estimate, the Truth-in-Lending disclosures, and a Rate Lock Disclosure.

You will receive an updated GFE once your rate is locked that will disclosed your locked rate and the final credit or cost associated with that locked rate. You won't have to resign all the other docs when you lock the rate. Your loan officer should be able to guide you and give the available options regarding what rate you want to finalize the loan at. If you qualify for it, you can choose to accept a higher rate to cover all the fees or get a lower rate which won't cover all the fees. You can usually decide this when your lock your rate or even after your rate is locked. You'll have to make a final decision before they can draw up the final loan documents.I hope this helps. If your current lender is not giving you the information you need to make informed decisions for yourself you should talk to another lender. My name is Martin Mesa and I'm a loan officer with Rate One Financial, Inc. in Pasadena, Ca. If you need a 2nd opinion, feel free to contact me anytime at mmesa@rateonefinancial.com.Best regards,Martin Mesa

You can wait to lock your rate but it is always a gamble.