How to Get a Real Rate Lock on a DSCR Loan?

[Burt L.]

I"ve been shopping a DSCR and hearing odd things about rate locks.

So far I've been told things such as  I can lock "when I"m close to closing" or "after the appraisal is completed". The appraisal is supposed to be the slowest part of the process. 

I'm sure rates will not be down from those quoted up-front. Years ago I saw a line item on one of my settlement statements for a Yield Spread Premium, which I don't believe are legal anymore. There wasn't much question what had happned there. 

How can I get the actual rate I'm quoted at the time of commiting to the loan?

Thank you BP nation. 

[Stephanie P.]

Quote from @Burt L.:

I"ve been shopping a DSCR and hearing odd things about rate locks.

So far I've been told things such as  I can lock "when I"m close to closing" or "after the appraisal is completed". The appraisal is supposed to be the slowest part of the process. 

I'm sure rates will not be down from those quoted up-front. Years ago I saw a line item on one of my settlement statements for a Yield Spread Premium, which I don't believe are legal anymore. There wasn't much question what had happned there. 

How can I get the actual rate I'm quoted at the time of commiting to the loan?

Thank you BP nation. 

This is a very volatile time for DSCR lenders and brokers and subsequently borrowers unfortunately and what  you've heard is correct; we have several of our lenders that are saying that either they can't lock the rate until the file is clear to close or they'll give a 30 day window to get the loan closed without being subject to repricing.  
BTW, yield spread premiums are alive and well and very legal.  They're used primarily to offset closing costs for borrowers that are tight on cash to close.