Rate sheets are detailed matrixes of a mortgage lender's different loans. These sheets are detailed and complex, and usually only distributed to wholesale brokers and loan officers.

Rate sheets are now typically distributed electronically at the beginning of a business day. Some lenders republish their rate sheets throughout the day as interest rates change. Rate sheets typically do not guarantee rates, but are intended as guidelines.

Lenders rate sheet can be 15 pages or longer.

Lenders break these rate sheets down with a higher degree of detail.

The rate sheets allow a loan to be priced.

The rate will price a loan based on:

loan amount
number of days in the rate lock
loan program
cash out or no cash out
impound accounts or no impound accounts
credit score
property type
product descriptions
occupancy type
debt to income ratio
pricing specials
interest only options
prepayment penalties
states that the lender will loan in
differences in treatment of primary borrower and secondary borrower
The loan officer can assemble your loan in many different ways.

Your interest rate will be higher the longer you lock your loan for. A loan interest rate lock is a commitment from a lender to give you a specific interest rate for a certain time period. It "locks in" your interest rate for a certain time period. It is sometimes possible to extend this rate lock for a fee.