Because interest rates change based on market conditions, you can only lock a rate that is available at the time you apply online or speak to a representative. You can contact us directly at (866) 300-6152 for current rates. Please note rates may be different if you choose to apply in person.

Rate Lock: A rate lock is a commitment from a lender that guarantees a specific interest rate, as long as the loan is closed within a set period of time. Locking your interest rate protects you if mortgage rates go up in the future.

Rate Lock Term: When you lock an interest rate for your loan, you will also select the length of time for which you would like to lock-in a specific rate. The term of the rate lock selected should consider the length of time before the loan closing. Lenders generally quote rates based on a 30-day lock. Longer rate locks are available, up to 90 days, but have higher interest rates. Quoted rates are guaranteed as long as the loan closes and funds on or before the rate lock expiration.

Discount Points (Buying down an interest rate): "Points" are a type of prepaid interest. One (1) point is equal to one percent (1%) of the loan amount. You can purchase points to lower the interest rate and loan payment. Thus, if you would like a lower rate than what is quoted, you can "buy down the rate" , lowering your future payments.

APR: The APR (Annual Percentage Rate) combines a loan's interest costs with other fees charged by a lender over the life of the loan and expresses them as a yearly percentage. The APR is a better reflection of the true cost of borrowing than an interest rate alone, and is a good benchmark for comparing rates from different lenders. The APR does NOT affect your monthly payments. Your monthly payments are purely a function of the interest rate and the term of the loan. The APR is displayed on the Truth in Lending Statement (TIL), which is included in the disclosures package sent to you following your loan application submission.

While each lender will charge different fees, an APR will generally include points (both discount points and origination points), pre-paid interest (the interest paid from the date the loan closes to the end of the month), loan processing fees, underwriting fees, document preparation fees, and private mortgage insurance.

An APR does NOT normally include title or abstract fees, escrow fees, attorney fees, notary fees, document preparation fees (charged by the closing agent), home-inspection fees, recording fees, transfer taxes, credit report fees or appraisal fees.