What is your Rate Lock Policy?
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.
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. Should interest rates fall during that period, the borrower must honor the lock.
When Can I Lock?
You will be invited back to lock after we have reviewed your documentation and credit package. We will notify you via email when you are able to request the lock.
We do not charge a fee for locking in your interest rate.
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.
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.