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By executing this Agreement, I am committing to lock my rate for a period of 45 days.
Have you already applied for your NEFCU mortgage?
Did you apply online?
Do you have an appointment with a NEFCU Mortgage Officer?
You are not eligible to lock your rate until you have made an appointment or completed an online
. To make an appointment call 800-400-8790.
Your Loan Officer:
Please Select your Loan Officer
Rate lock options for Mobile / Manufactured Homes are limited -- we cannot lock your rate online.
Please phone to discuss options. We apologize for the inconvenience.
What interest rate are you locking?
I have the option to lock-in my interest rate at any one time during the processing of my/our loan up to 7 days prior to the closing. At that point my interest rate will be the effective rate posted on that business day.
I choose to lock-in the interest rate of
% for a period of
days. This interest rate commitment period will expire on
April 15, 2015.
I understand that the terms of this rate lock request must be verified by NEFCU and are not effective until reviewed and accepted by the NEFCU rate lock desk.
The Credit Union has the option, in their sole discretion, to extend the expiration date based on then current market conditions. However, the interest rate will not be lower than the interest rate quoted above.
I also understand that I cannot change the loan amount by more than $10,000 nor transfer the locked interest rate to another property without the consent of the Credit Union and the possibility of incurring an increase to my locked interest rate.
The Credit Union does not charge for the opportunity to lock in an interest rate.
If I do not close by the expiration of the above interest rate commitment period, my rate lock commitment will be considered expired and subject to a new rate determined by NEFCU. I understand that any new rate will not be lower than my original locked rate and in fact may be higher depending on market conditions. I further agree that NEFCU can accept a facsimile signature as binding and valid in all respects. I choose the following rate lock option.
PLEASE NOTE: changes in unlocked interest rates from application to the scheduling of your closing may result in waiting periods of up to 7 days as required by the Mortgage Disclosure Improvement Act of 2009.
I have read and accept the terms of the Interest Rate Lock Request ("IRLR"). If rates go down after I lock my rate, I may elect to receive a lower rate, provided that I pay a fee equal to .500% of my loan amount for each .125% in rate reduction from the locked rate. I understand that under no circumstances will the rate be lower than the NEFCU posted rate for the product I have chosen. In the event that this IRLR expires, NEFCU shall have the absolute right to either extend the rate lock period or to quote a new higher rate depending on then current market conditions. I further understand that should I pay a fee to lower my rate, my closing may be delayed to allow for any necessary regulatory waiting period.
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