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Rate Lock
We allow any mortgage borrower to “lock” an interest rate. All you need to have is:
- a loan in process OR
- a scheduled appointment with one of our mortgage officers OR
- to have submitted a mortgage application online
Choose one of these options to lock a rate now:
Once you have locked an interest rate, that is the rate you will close at regardless of whether rates go up or down between locking and closing. You can check current  interest rates and the current rate lock time period here.
There is no fee to lock your rate; however we do require either a Visa card, MasterCard, or your Credit Union member number. No fee will be charged or processed until after you have received your initial Truth in Lending disclosure and you choose not to close your loan. In the event you choose not to close, a fee equal to one half percent of your loan amount will be charged to your credit card, or withdrawn from your NEFCU account.
To lock your interest rate, we will require the following information:
- full name of the borrower or borrowers
- property address
- contact phone number
- loan amount, within $10,000
- term you are requesting
- number of points, if any, you intend to pay
- whether the transaction is a Purchase or Refinance
- whether you are locking in a Fixed Rate or an Adjustable Rate
- if the home is your Primary Residence, Second Home or an Investment Property
- the interest rate you are locking into (from the current rate sheet)
- your member number, Visa card or MasterCard number for one half percent of the loan amount
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