Mortgage Rate Locked

[Aimster]

I got my rate locked with Bank of America "I think". The letter that he sent me back stating that it was locked is the gfe stating that "rate locked closing August 28th".
Is this a true lock? 3.875 rate 5/1 with 1 discount point. It states 0 origination fee.
Don't want to go to closing and be surprised. Kind of sounds too good to be true.

 

[JTsyo]

Hope you know what you're doing getting an ARM loan at this point. With interests rates at their low point doesn't a fixed make more sense?

If you locked the rate, they give you until a date to close to keep that rate. If you don't close then you might have to get a new rate. Did you pay the application fee and such already? I know that was when we got our rate locked down.