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 discount 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?
In some cases, your online application will provide all the information needed and you will have the option to lock immediately after loan approval. Otherwise, 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.
We currently offer 30, 45 and 60 day lock-in periods on our site. This means your loan must close and disburse within this number of days from the day your lock is confirmed by us.
Immediately after you accept a lock online, a printable confirmation page is displayed for your records. In addition, a confirmation is sent to the email address you provided during your online application.
Once we accept your lock, your loan is committed into a secondary market transaction. Therefore, we are not able to renegotiate lock commitments.