SECURE YOUR RATE

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When applying for a mortgage for your home, you'll need to determine when you want to "lock" your loan's interest rate. Make sure you clearly understand the options below so you can make an informed decision.

Lock with a float down option.

If you think rates may go lower, but don’t want to take a chance on your hunch being wrong, you can purchase our float down option.* A float down option gives you the security of a known rate today—plus the opportunity to get a lower rate if market conditions improve. With this option:

• If interest rates fall, you receive the new, lower rate plus 1/8 percent.
• You pay a refundable fee of 1/2 percent of your loan amount up front. This fee is credited toward your costs at closing.

Lock without a float down option.

Know a good rate when you see one?  With this option, you can lock your rate at the time of application or any time up to five days prior to closing.

Float your interest rate.

You may also choose not to lock your rate at the time of application. You will then have the option to lock your rate at any time during the process, but the rate must be locked at least five days prior to closing. Keep in mind that rates are subject to change at any time, and you are not guaranteed a rate until you contact your Mortgage Specialist and execute the rate lock addendum.

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