Get rate locked on mortgage - 2004-02-15
We just heard from a reader whose mortgage broker mentioned: ``No problem. You can lock into a great mortgage rate on a new home and easily close within 15 days.''

But suddenly, interest rates spiked up on her.

By the time she was ready to sign on the dotted line, rates had increased so much that the mortgage broker was forced to place her loan with another lender.
Read the full story at Boston Herald

Don't get burned, know cool-off rules on loans and mortgages - 2004-02-15
Federal law allows you a cooling-off period when you get a home equity loan or line of credit, or when you refinance with another lender.

It is called the right of rescission. It allows you to rescind, or cancel, some types of home loans and walk away without losing money.

The right of rescission is not available for all mortgages. Most importantly, there is no right of rescission for a mortgage made to build or buy a house.
Read the full story at Commercial Appeal