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 between the borrower and the lender that 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.

Once we have the necessary application paperwork, a copy of the sales contract and have preliminarily underwritten your loan, you are eligible to lock. Otherwise, your loan officer will contact you for the lock after we have reviewed your documentation and credit package.

We currently offer numerous options from a 30-day to a 60-day lock-in period. This means your loan must close and disburse within the specified number of days from the day your lock is confirmed by us.

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