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. Should interest rates fall during that period, the borrower must honor the lock.
When Can I Lock?
Online rate locks are not available. Please contact us to discuss your rate lock options.
Fees
We do not charge a fee for locking in your interest rate.
Lock Period
We currently offer 30, 45 day lock-in periods. This means your loan must close and disburse within this number of days from the day your lock is confirmed by us.
Lock Changes
Once we accept your lock, your loan is committed into a secondary market transaction. Therefore, we are not able to renegotiate lock commitments.