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

Please note that we cannot be held responsible for any rates that may change prior to our written confirmation.

Lock-in Defined
A lock is an agreement by BOTH you, the borrower, and the lender and specifies the number of days for which a loan's interest rate and points will be guaranteed by the lender. Should interest rates rise and you have met all of your conditions the lender is then obligated to honor the rate that they have locked on your behalf. Should interest rates decrease, the lock must still be honored by you.

When Can I Lock?
You can lock a rate once your application information has been reviewed. In some cases, your application will provide all the information needed and you will have the option to lock at the time you apply. Otherwise you will be invited to lock after you have returned your package and your documentation and credit information has been reviewed.

Lock Period
Lock-ins will vary from 15 days to 180 days. It costs more to lock in for extended periods of time.

Lock Extensions
If, for some reason, your loan does not close by the rate lock expiration, you may choose to extend your rate lock. There is generally a fee for this, depending on the loan product and the length of time required for the extension. Your loan may be extended for up to 30 days. If your loan is not extended, or is not closed by the end of the extension period, your loan may be subject to worst case pricing, meaning that you will receive the higher of that day's rate, or the rate when the loan was originally locked. For this reason, it is important to work with us to ensure that we can close your loan within the initial lock-in period or the extension period.