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 origination 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?

On-line rate locks are not available. A loan officer can discuss rate lock options with you.

Fees

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

Lock Period

On-line rate locks are not available. A loan officer can discuss rate lock options with you.

Lock Confirmation

On-line rate locks are not available. A loan officer can discuss rate lock options with you.

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.


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