How do we LOCK our loan?
Interest rates change on a daily basis, and sometimes even two or three times in a single day when the financial markets are extremely volatile. To protect your interest rate, you must "lock" your rate. This can be done at any time: when you apply for the loan, during the loan processing period, or just before the closing date. We typically use a 30-day lock, which means that you are guaranteed to get the interest rate at which you are locked as long as your loan closes with 30 days. If you "float" your interest rate until closing, we only need to use a 10-day lock, which typically saves 0.125% off the "points" on your loan.
To lock your loan, CALL our office. In the Seattle-Bellevue area, the local phone number is (425) 746-1310 . Outside the local area, you can call us toll-free at 1-800-870-4570.
In most cases, you must call before 3:00 PM (Pacific Time) in order to lock your loan at that day's interest rates. However, we work with a few lenders that allow us to lock loans after business hours.
We strongly encourage you to call our office so that you can confirm your rate has been locked and we can inform you of any last-minute changes in the market.
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