Lock Interest Rate, Lock Home Loan Rate, Lockins Mortgage For Home Buying Loan

The interest rate market on your loan is subject to constant fluctuations as it depends on the economy and market conditions. Often, homebuyers end up paying a greater interest rate without any advance notice. This is where lockins protect you. In other words, locking a rate protects you from the time that your lock is confirmed to the day that your lock period expires.

Please note that we are not responsible for any rates that may change prior to our written confirmation.

Lock-in Defined
A lock is an agreement between the borrower, and the lender. A lock specifies the number of days for which a loan's interest rate and points will be guaranteed by the lender. Once you have met all the conditions and have signed the lockin agreement, the lender is obligated to honor the rate that they have locked on your behalf. However, the lock should be honored even if the interest rates decrease.

When Can I Lock?
You can only lock a rate after your application information has been reviewed. If your application provides all necessary information needed, you will have the option to lock at the time of application. Otherwise, you can lock after your documentation and credit information has been reviewed.

You may not be unable to request a lock during this time period; if so, please contact your Loan Agent for assistance. We are working with all of our lenders to extend the lock-in period, and appreciate your understanding.

Lock Period
Lock-ins will vary from 10 days to 180 days. It costs more to lock in for extended periods.

Lock Confirmation
You will get a confirmation in writing that your rate lock has been accepted by our lender. The usual process of lock in starts with your application for lockin after which we contact our lenders to secure a lock on your behalf. The lock process is not yet automated within the mortgage industry because of a number of lock guidelines put forward by our lending partners. This is the reason why we are not able to verify your lock request immediately but we will notify you as soon as the lock is secured.