Rate Lock Policy

We offer online locks for 30, 45 and 60 day periods.  Refinance transactions may be locked at the time of loan application. Purchase transactions may be locked once you have an accepted offer on a property.  You may apply and lock online, 24/7.

1. How Do I Lock?
   
   When you submit your online application, it will be analyzed by our Automated Underwriting System while you wait and, in most cases, be immediately approved.  A rate chart will then appear showing all available rates for your loan request, along with the related points or rebates.  You will select the rate you wish to lock.  You will receive a Lock Confirmation by email the same day (or the next business day if you lock after hours or on a weekend).  In the event our Automated Underwriting System is not able to provide an instant online approval, your application will be forwarded to a Loan Consultant who will contact you the same business day to resolve any issues with your loan application.
    
2. Are Any Fees Collected When I Lock?
   
   You will be asked to submit a $300 appraisal fee by credit card at the time you lock your rate ($400 if investment property; $500 if 2-4 units).  These funds will be maintained in a trust account and used to pay for your appraisal, a service performed by an independent third party.
     
3. What If Rates Drop After I’ve Locked?
   
   At the time we are ready to draw your loan documents, if our posted rates are at least .25% lower than the rate you locked (for the same or less points, or the same or more rebate), you may float down your rate to the current rate plus .125%. 
4. What Happens if the Loan Process Takes Longer Than My Lock Period?
   
   If the delay is caused by us, or a third party service provider selected by us, we will extend the lock at no cost. If the delay is caused by you, you will be required to pay for the cost of the lock extension. Delays caused by you could include requesting the subordination of an existing second mortgage or home equity line, not supplying supporting documentation within three days of our request or delaying appraisal inspections or document signing appointments.
   
   
5. What is the Cost of a Lock Extension?
   
   In the event current rates are better than the rate you originally locked, you will receive a free 7-Day Extension. (original lock must expire within 7-days to be eligible).
   
   In the event current rates are worse than the rate you originally locked, you may select from the following lock extension periods:
   
                   7-Days:    .25 point extension fee
                   15-Days:  .375 point extension fee
                   30-Days:  .5 point extension fee
   
   If your loan has not closed by the end of the extension period you select, any further lock extensions will require that the loan be re-priced at the worse-case scenario between the rate you originally locked and current rates.
   
   
6. Can I Choose a Different Program or Rate After I’ve Locked?
   
   You may but you will receive worse-case pricing of either the pricing you originally locked into or the current available pricing. In addition, an extra .125 points will be charged for changing your original terms. Therefore, please carefully consider the different programs and rates being offered before locking.
   
   
7. Can I Relock My Rate if I Cancel and Reapply?
   
   You may but you will receive worse-case pricing of either the pricing you originally locked into or the current available pricing.  In addition, an extra .125 points will be charged for changing your original lock terms.
    
8. Should I Lock or Float my Rate?
   
   On a refinance transaction, if the savings you will achieve with the new lower rate will recapture the closing costs of the loan in a relatively short period of time, you should probably go ahead and lock your rate and close your loan. Trying to time the bottom of an interest rate cycle is tricky and each month you delay costs you in the form of carrying a higher interest rate on your old loan. If rates fall further, you can always refinance again.
   
   On purchase transactions, in times of stable interest rates, most of our customers lock when they are within 30 days of closing. Locking for a period longer than 30 days increases the cost of the loan slightly but is sometimes a good idea if rates are volatile. If your closing is more than 30 days out, we recommend you compare rates and points on our website for 30, 45 and 60 day locks and make your decision accordingly.