Legal Question in Real Estate Law in Maryland

Re: Refinance

The lock in agreement holds the interest rate for the duration of the lock in period; it protects you if rates go up before settlement. It should also lock in any points and the length and type of loan. However, the loan is still subject to credit approval and a sufficient appraised value for the secured property. You didn't specify what terms were changed, but if you didn't qualify for the loan after it was submitted to underwriting, the lender might offer you a different loan. But if this is purely a lender mistake, they should honor the lock in.