Closing Disclosure

It’s important to us that you understand your options so you can make informed, confident decisions about your home loan. If you’re considering a rate lock, here’s what you need to know.

WHAT ARE RATE LOCKS? A rate lock is a commitment from a lender to a borrower, guaranteeing a particular interest rate for a period of time at a fixed cost.
HOW OFTEN DO INTEREST RATES CHANGE? Interest rates are determined by the marketplace and can change at any time. This means advertised interest rates or loan terms aren’t a guarantee of that pricing until a rate lock agreement form is signed and confirmed.
DO RATE LOCKS GUARANTEE LOAN APPROVAL?When you execute a lock, we’re committing to providing you with specific pricing for a specific length of time. However, this commitment is dependent on all loan conditions being satisfied and your loan being approved.
DOES COMPLETING A LOAN APPLICATION MEAN MY LOAN RATE IS LOCKED?No — a loan application isn’t the same as a rate lock. Without an executed rate lock agreement form, a loan application isn’t a guarantee of specific rates or terms.
ARE EXTENDED RATE LOCKS¹ AVAILABLE?
Yes! We offer extended rate locks, meaning we commit today on a loan that’s closing in the future.
WHAT HAPPENS WHEN YOUR LOCK EXPIRES?When your rate is locked, we commit to deliver your loan under those terms by the expiration date provided. If your loan doesn’t close by that expiration date, the lock is invalid. To avoid this, it’s important to lock your loan for a long enough time to allow for the satisfaction of all the terms of your loan approval.
WHAT ELSE SHOULD I KNOW?You decide if, how, and when to lock your loan. If you don’t choose to lock your loan at the time you submit your application, contact your Mortgage Loan Originator to obtain updates on current rates and conditions. We’re here to answer all of your questions!
 

¹ Borrower may be required to pay a fee if they choose to lock in an extended rate.