NationsChoice Mortgage - Rate Lock Policy

We offer locks for 30, 45 and 60 day periods. Refinance transactions may be locked at the time of loan application. Purchase transactions may be locked once you have an accepted offer on a property. You may apply and request a lock online, 24/7.

1. How Do I Lock?

When you submit your online application, it will be analyzed by our Automated Underwriting System while you wait and, in most cases, be immediately approved. A rate chart will then appear showing all available rates for your loan request, along with the related points or rebates. You will select the rate you wish to lock. You will receive a Lock Confirmation by email the same day your loan is locked (or the next business day if you lock after hours or on a weekend). In the event our Automated Underwriting System is not able to provide an instant online approval, your application will be forwarded to a Loan Consultant who will contact you the same business day to resolve any issues with your loan application.

2. Are Any Fees Collected When I Lock?

No, we do not have any fees to lock your loan.

3. What If Rates Drop After Iíve Locked?

At the time we are ready to draw your loan documents, if our posted rates are more than .25% lower than the rate you locked (for the same or less points, or the same or more rebate), you may float down your rate to the current rate plus .125%.

4. What Happens if the Loan Process Takes Longer Than My Lock Period?

Your processor will contact you and calculate the number of additional days necessary to close your loan.

  • If the delay was caused by us, or a third party service provider selected by us, we will extend your lock for the additional days required at no cost to you.
  • If the delay was caused by you and current rates are the same or lower, we will extend your lock for the additional days required at no cost to you.
  • If the delay was caused by you and current rates are higher, your loan will be re-priced at current rates.

Delays caused by you include delays caused by the subordination of an existing second mortgage or home equity line, not supplying supporting documentation within 48 hours of our request or delaying appraisal inspections or document signing appointments.

5. Can I Choose a Different Program or Rate After Iíve Locked?

You may but your rate and points (or rebate) will be based on the pricing in place on the date of your original lock. Please take the time upfront to choose the program and rate that is best for you.

6. Can I Relock My Rate by Canceling My Application and Reapplying?

If you cancel your application and reapply within 60 days, your rate and points (or rebate) will be the based on the worst case between the pricing in place on the date of your original lock or the date of your new lock. Please take the time upfront to choose the program and rate that is best for you.

7. What happens if I let my rate lock expire?

If you let your rate lock expire and relock within 60 days, your rate and points (or rebate) will be the based on the worst case between the pricing in place on the date of your original lock or the date of your new lock.

8. Should I Lock or Float my Rate?

On a refinance transaction, if the savings you will achieve with the new lower rate will recapture the closing costs of the loan in a relatively short period of time, you should probably go ahead and lock your rate and close your loan. Trying to time the bottom of an interest rate cycle is tricky and each month you delay costs you in the form of carrying a higher interest rate on your old loan. If rates fall further, you can always refinance again.

On purchase transactions, in times of stable interest rates, most customers lock when they are within 30 days of closing. Locking for a period longer than 30 days increases the cost of the loan slightly but is sometimes a good idea if rates are volatile. If your closing is more than 30 days out, we recommend you compare rates and points on our website and make your decision accordingly.

Instant Mortgage Rate Help

Loan Amount: How much do you want to borrow? Example: 150,000 (You can borrow up to 100% of the purchase price of your home. You will find better interest rates at 95%, 90%, and 80% progressively.)

Property Value: This is the purchase price of your property or your best estimate of the appraised value of the property. Example: 175,000.

Loan Type: Selecting Refinance WITH CASH OUT may increase your rate. If you want some extra cash to pay the closing costs on your new loan, this would NOT be considered receiving extra cash.

Escrow/Impounds: Allows you to pay 1/12 of your annual property taxes and homeowners insurance with your mortgage payment each month. Escrowing your taxes and insurance will lower your points by .25%

Property State: Specify the State where the property is located

Property County: Specify the County where the property is located


Todays Rates: These rates are based on the following criteria..

Instant Mortgage Rates:


Loan Amount
Property Value
Loan Type
Loan Purpose  
Property Type
State
City
Zip
 

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