Home > Lock policy

Lock Policy

Interest rates change—and change often! And even the smallest change can mean thousands of dollars over the life of your loan. That’s why MortgageEase offers a Lock Policy, which enables us to lock in (or guarantee) an interest rate for borrowers once written confirmation of the rate is provided. This protects your promised rate—a rate you decide during the loan process—regardless of fluctuating interest rates and market changes. Your rate is secure from the day your lock is confirmed until the day your lock period expires.

To help you understand how a lock rate and lock policies affect your mortgage, here are borrowers’ most frequently asked questions, and our answers. If you still have questions, or need more information, just Contact Us.

What lock terms are offered?

Because mortgage rates fluctuate so often, you’ll be able to enter into a written agreement with your MortgageEase lending officer to lock an attractive, current rate for a period of time—usually 30, 45, or 60 days. When you lock a rate, it’s yours, even if interest rates climb before your loan is closed. However, if rates fall, you are still obligated to finalize your loan at the locked rate.

Longer lock periods are subject to higher rates, so a longer lock term means you’ll be required to pay a slightly higher interest rate or points, with each point representing 1% of the loan value. But more points usually means less interest, so you may find it advantageous to secure a lock term with your lender.

What lock periods are available?

MortgageEase typically offers 30, 45, and 60-day lock periods, contingent on your loan. Fifteen-day locks are available only if a loan package is ready to draw documents. Under special circumstances, a lock-in period is available for as many as 270 days. But to secure the rate, your loan must fund by the day the lock expires. For additional details on longer lock periods, Contact Us.

How and when do I lock a rate?

Once you submit your loan application and pre-qualify, your loan process is started. You can lock a rate then, or choose to lock in a rate later, monitoring market activity to pick the best rate possible. In the meantime, your rate is “floating” and subject to close at the market rate when your final closing documents and package are prepared. Until then, you can request a lock and specify a lock period from MortgageEase, Monday through Friday, between 9 am and 4 pm EST. If you request a lock at any other time, we’ll make our best effort to secure a comparable rate.

What happens if the interest rate drops after I lock a rate?

Once you lock your interest rate with MortgageEase, your rate, points, and closing fees are set and can’t be changed, even if market rate conditions improve. That’s why it’s important to note market conditions. A rate lock is a binding pledge between the borrower and lender to close the loan at the interest rate locked and agreed, during a declared period. Please see below for the policy regarding when the closing date exceeds the rate lock expiration date.

How is my lock confirmed?

Usually, a lock is confirmed on the day of the lock request. But be aware that volatile market periods can have repeated rate changes during a single day, and this activity can affect your lock request. You’ll know for certain that your rate is locked when you receive written notice by e-mail or fax.

May I change my lock rate?

Unfortunately, no, even if market conditions improve. MortgageEase can’t renegotiate locks with lenders, because of lender policies. So you’ll want to time your lock-in request to be certain of the rate chosen by you when your loan closes.

What happens if my rate lock expires before closing?

Sometimes closing dates are slightly delayed. On a home purchase, you can extend the lock period if your initial ock period ends before closing date. But if your lock period expires on a refinancing loan, you must lock in a new interest rate and discount points contingent on the current market or original lock rate, the higher of the two.

Is there a fee for locking a rate?

As a MortgageEase customer, you won’t pay any upfront charges or fees for securing your loan rate for up to 60 days. However, if you choose a time period for your lock outside 60 days, you may be subject to an upfront fee. Your MortgageEase consultant can tell you whether any fees will apply, based on your specific loan application and the lock period you request. 

May I transfer my lock-in to another property?

Rate locks are specific and not transferable to a property address that differs from the original address declared for your lock-in request. If the specified address changes on a lock-rate loan, the lock is cancelled. A new lock at current market rates will then be required.

Still have a question? Contact Us.

Quick Application: Give Answers, Get Pre-Qualified

Ready to get started? Simply complete the form below and one of MortgageEase's expert loan counselors will contact you within 1 hour to complete your paperwork and start the Pre-Qualification process.

First Name:
 Last Name:
 Email Address:

(ie. name@website.com)
Home Phone:

(ie. xxx-xxx-xxxx) 		Work Phone:

(ie. xxx-xxx-xxxx) 		Loan Amount :

(ie. xxx,xxx.xx)


Privacy and Security Guaranteed

Complete a full application and we'll pre-qualify you in one hour
or
Prefer to talk to a live person? Our friendly, knowledgeable loan consultants are waiting to take your
application over the phone! Call 301-528-0022 to apply.
BBB