RATE LOCK POLICY

Rate Lock
A rate lock is an agreement with a lender on your loan's interest rate and points. Without a rate lock, you are susceptible to rate changes due to market fluctuations.

Rate Lock Requirements
In order to lock a rate, all you need is to have found your property, or wish to refinance your existing mortgage and to be approved for financing.

Rate Lock Terms
Typical rate lock periods are 30, 45, or 60 days, but longer periods are available. Our rate quotations are for 15-day lock periods. 

Rate Lock Facts
Generally speaking, the longer the rate-lock period, the more points the borrower will pay. This is due to the fact that lenders equate longer periods of time to higher risk, considering market fluctuations.

When you can lock a rate
Rates can be locked Monday - Friday 9am-6pm PST. We require a appraisal to be scheduled, completed and paid. Please note that interest rates fluctuate throughout the day and there are mid-day price changes between 1 and 2 pm. EST which may affect your loan rate.  

Obligation
Once your rate is locked the lender is obligated to your rate and the borrower as well. If the borrower defaults on completing the loan transaction by default or willful negligence, the lender may charge the borrower rate lock expiration fees, and loan processing fees. These fees cover the cost of loan processing and cancellation of shipping the loan package. All lenders have an obligation to deliver a loan once locked.

For more details about Rate Locks , please  E-mail us