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?

After your application has been submitted online, a Mortgage Officer will reach out and at this point you can work with the Mortgage Officer to lock your interest rate.

Fees

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

Lock Period

We currently offer a 60 and 45 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.

Lock Changes

Once we accept your lock, your loan is committed into either a secondary or internal market transaction. Therefore, we are not able to renegotiate lock commitments.

Interest rates fluctuate based on a variety of factors, including inflation, the pace of economic growth, and Federal Reserve policy. Over time, inflation has the largest influence on the level of interest rates. A modest rate of inflation will almost always lead to low interest rates, while concerns about rising inflation normally cause interest rates to increase. Our nation's central bank, the Federal Reserve, implements policies designed to keep inflation and interest rates relatively low and stable.