Locking a rate
 What is a rate lock?
A rate lock is a lender's guarantee on your loan's interest rate and point(s). Until you request a rate lock, the rate and point(s) are apt to change due to market fluctuations.
When should I lock a rate?
Talk to your Loan Consultant to figure out when to lock a rate and what lock period will work best for you.
Depending on your loan type, you can request an early rate lock when we first contact with you about your loan, or you can lock your rate anytime after we receive and review your signed loan application and supporting documents.
Please note that you can only lock a rate once you've found a property.
What rate lock period should I choose?
Your choice of rate lock periods will vary from lender to lender. You can usually choose 30, 45 or 60 days - longer is possible, but can be expensive.
To select the right lock period for you, please talk with your Loan Consultant to get an estimate of how long it will take to close your loan.
Be sure to consider the time it takes to complete an appraisal and title search, and to satisfy all of the lender's conditions before your final loan documents can be prepared.
How does the rate lock period affect a loan's interest rate and points?
Normally, the longer the rate lock period, the more points that you have to pay. The lender is taking a greater risk when they guarantee a rate for a long period of time, so they charge more points.
When does iOwn post rates in RateShopper?
We generally post rates every business day by 11 AM Pacific Time. Due to market fluctuations and our high volume of daily rate updates, we confirm all rates with you directly before locking them.
How do I lock a rate?
- Select a rate for your specific loan program. Typically, rates are updated by 11 AM Pacific Time, Monday through Friday, but please note that rates may fluctuate during the day.
- Call your Loan Consultant to request a rate lock. Please keep in mind that some lenders have an early afternoon deadline for rate lock requests.
- We confirm the rate with you before locking it.
- We'll send you an email as soon as we receive final confirmation from the lender. Once you receive your confirmation, your rate is guaranteed by the lender for the rate lock period.
To guarantee your rate lock, you will then need to send us your signed loan application and required supporting documents within 5 business days.
Can I change a rate after I've locked it?
No. Once you commit to a rate, a lender doesn't allow you to change it. It's a two-way-street the lender commits to your rate even if market interest rates go up, and you commit to the loan rate as well, even if rates fall.
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