What is a rate lock, and how do I lock it?
When you submit your online application, it will be analyzed by our Automated Underwriting System and, in most cases, be immediately approved. A rate chart will then appear showing all available rates for your loan request, along with the corresponding closing costs. You select the rate you wish to lock. Your application will be reviewed by the Loan Officer who will contact you the same business day to get you in a position to lock your rate.
So what is a “rate lock”? Well, a mortgage rate lock is a contractual obligation between a borrower and a lender that allows the borrower to lock in the interest rate on a mortgage for a determined amount of time (typically between 30-60 days) at the current market interest rate. A loan lock provides the borrower with protection in the likelihood of rising interest rates during the lock period.