Locking Your Loan
Updated: Apr 1, 2019
Regardless of what you’re purchasing, you want the best value possible. Value is a combination of
professional advice, service and price. With a mortgage, the price is a combination of interest rate and
discount points. *Even if the terms that are available when you apply for a mortgage seem good, rates
and points can fluctuate from day to day. To make sure you get the rate and points you want, you’ll need to “lock in” the rate at some point in the process or even on the same day you apply.
A lock-in (also called a “rate-lock” or “rate commitment”) is our promise to hold a specific interest rate,
usually for a stated period of time, while your loan application is processed. Lock-in requirements may
vary and there are different programs and time periods offered, but locking in a rate will ensure your
mortgage cost stays within your budget.*Discount points, or origination fees, are fees paid at closing.
Points may also be added to the new loan amount to reduce out-of-pocket expenses at closing.
A point is equal to 1% of your mortgage amount (or $1,000 for every $100,000). To see what lock-in programs are available, or if you have any questions, please call us anytime.