What is your Rate Lock Policy?

General Statement

The interest rate market is subject to movements without advance notice. Locking in a rate protects you from the time that your lock is confirmed to the day that your lock period expires.

Lock-In Agreement

A lock is an agreement by the borrower and the lender and specifies the number of days for which a loan’s interest rate and points are guaranteed. Should interest rates rise during that period, we are obligated to honor the committed rate.

When Can I Lock?

You can lock once we receive a completed application, including: subject property address, loan amount, monthly income, estimated property value, name, and social security number.

Fees

We do not charge a fee for locking in your interest rate.

Lock Period

Once we accept your request to lock, your loan must close and disburse within the number of days of the rate lock period confirmed us.

Lock Changes

Once we accept your request to lock, your loan is committed into a secondary market transaction. Therefore, we are not able to renegotiate lock commitments.