Lock Mortgage Refinancing, Mortgage Refinancing Rate & Refinance Loans Interest Rates

Interest rates on home loans and mortgage loans fluctuate. Sometimes rates may be sky-high, costing you a lot of money, while sometimes it may be low, making it easier on your pocket. Most homeowners, at some points of time, have realized the benefit of getting a home loan or mortgage loan at a fixed rate, so that they could plan their expenses accordingly. Locking is an answer to this. 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 cannot be held responsible for any home loan or mortgage interest rates that change prior to our written confirmation.

What is a Lock-in?
A lock-in is an agreement between the borrower and the lender that states the number of days for which a loan's interest rate and points will be guaranteed by the lender. In a lock-in, the lender is obligated to honor the rate that which they have locked your home loan even if the rate of interest rises provided you have fulfilled some conditions. However, it should be noted that you have to pay the same interest rate even if the interest rates decrease.

When can you lock-in?
First, you have to submit an application for lock-in which the lender will review. If your application provides all the information needed, you can lock at the time you apply. If not, the lender will ask for some additional information.

You may not be available to appeal for a lock during this time period. We encourage you to contact your Loan Agent for assistance. We work in collaboration with our lending partners to help you extend the lock-in period.

Lock-in Period
The period of lock-ins usually vary from 10 days to 180 days. Note that it costs more to lock in for extended periods.

Confirmation of a Lock-in
A lock is only confirmed after we contact you in writing that your rate lock has been accepted by our lender. Whenever you request a lock, we contact our lender partners to secure the lock on your behalf. However, please note that lenders are required to verify your lock request by checking your application and information provided. Moreover, the lock process is not yet automated within the mortgage industry. This is the only reason why your lock-in request takes some time for verification.