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RATE LOCK POLICY
What is a rate lock? Rate lock is the lender's guarantee that your mortgage rate will not fluctuate for period of time its locked. What is the best time to lock the rate ? You can lock the rate anytime after you have submitted a complete loan application with us. If you are purchasing, you can only lock a rate upon identifying the property. What are you rate lock periods ? You can lock your rates for 30, 45 or 60 day periods. The longer the period higher the cost, because it is riskier for the lender to guarantee that rate against market changes. What is the rate lock procedure ? 1.Carefuly select the rate you like on the day you feel most comfortable. Our rates are posted daily by 10:30 AM. PST. 2.Call or email your representative as early in the day as you can and ask for the rate to be locked. Most lender have 3:00 PM PST deadline. 4.Upon confirmation with the lender we will Email or fax you a conformation that your rate lock went through. I want to change my rate can I do that ? No. Once it is locked it cannot be changed. The lender has guaranteed you the rate and allocated the funds to close this transaction within that time. There may be cancellation charges, and we can get penalized. Do I have to lock the rate all the time with you ? Yes. But before we draw your loan documents a final rate has to be locked, and than those rates will appear on your loan documents. Do you allow rate-locks to float ? Yes. In a declining rate climate that is the best option. Do you have shorter rate lock periods ? Yes. We can save you an additional 0.125 to 0.25 point on the cost of the loan. Please ask our loan consultant. This can save you anywhere from three to five hundred dollars on a sizable loan. Do you lock credit problem loans ? Yes we do. Its the final rate that has to be locked before the loan documents can be drawn and there are no 30,45, 60 day locks available as these rates do not change so often. Apply
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