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| Our Rate Lock Policy |
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| Although we post our low fixed rates every morning, interest rates change continously every minute. When you lock your interest rate, you protect yourself from the daily movements of the market. You can choose to lock your rate for 30 or 45 days |
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| When can I lock my loan ? |
| You will be able to lock your interest rate once we have reviewed your completed application, you have chosen your loan program and you have ordered your property appraisal. On a case by case basis, additional documentation may be required before you are able to lock. We would like to make sure documentation delays do not jeopardize your lock. Once your loan is in a position to be locked, you will be notified via email. |
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| Do you have any Loc-in Fees ? |
| We do not charge any fee to lock in your interest rate |
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| How many days can I lock my loan ? |
| We offer 30 and 45 day periods for lock in. Your loan has to fund before your loan expires, otherwise you will loose your locked rate. Signing of loan documents does not mean your loan has funded. |
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| Can I transfer my rate lock ? |
| Your rate lock is not transferable to any other person, or to any other property, even if you own the property. If the property address or the borrower changes, the lock will be invalidated and a new rate lock will be required based on the current market rates. |
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| Lock Confirmation |
| When you request a rate lock, we will process the request and issue you a "Rate Lock Confirmation" via email. If you have not received your confirmation within 24 hours of your lock request, you need to notify your loan specialist immediately. Your rate lock request is not guaranteed untill it is processed and a confirmation is forwarded to you via email. |
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| What happens when my rate lock expires ? |
| If your lock expires or is canceled, you will need to relock your loan at the "Worst Case Scenario". "Worst Case Scenario" means your new lock will be the lower of the current rate or the initial rate. |
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| Please be advised that all rate locks are conditioned upon you providing us and and all documents required. In the event that such information is not provided, loan programs and rate locks may be subject to change. |
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