Rate Lock

I choose to lock-in the interest rate of      % for a period of 60 days. This interest rate commitment period will expire on      

Terms of the Interest Rate Lock Request:

• This rate lock is not effective until reviewed by the Rate Lock Desk.
• I may lock at any one time during the loan process.
• Rescheduling an initial appointment or failing to return documents may result in the loss of a locked rate.
• For purchase transactions, a rate lock is not accepted until the Credit Union is provided a fully executed Purchase and Sales Agreement.
• For VA transactions, a rate lock is not accepted until the Credit Union has verified your Certificate of Eligibility through the VA.
• I must lock the rate at least 10 days prior to closing. If I have not locked the rate by such date, the Credit Union will set the rate as of the date the Credit Union has confirmed a closing date.
• The loan must disburse by the rate lock expiration date.
  • If the loan does not disburse by the rate lock expiration date, the Credit Union may:
    • Extend the original locked rate with an applicable fee based on current market conditions, or
    • Quote a new higher rate based on current market conditions.
• The interest rate will not be lower than the initial locked rate without paying a fee, as detailed below:
• If posted rates decrease after my lock is submitted:
  • The interest rate may be lowered for a fee of .5% of the loan amount for each .125% reduction in rate.
  • For inquiries on rate reductions exceeding .5%, please contact Secondary for a quote.
  • Closing may be delayed allowing for any necessary regulatory waiting period.
• The loan amount cannot change by more than $10,000 nor transfer to another property without The Credit Union’s consent.

PLEASE NOTE: Rescheduling an appointment or failing to supply requested documents in a timely manner may negate your rate lock.

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I have read and accept the terms of the Interest Rate Lock Request. I understand that the rate I input is not valid until reviewed and confirmed by the Lock Desk.

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