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  Rate Lock Policy

  • Rates may be locked for 10 calendar days at no charge. If the loan is not closed by the end of the rate lock period, the rate will be re-locked at the higher of:
    1. The market rate at that time
    2. The original locked rate
    A re-locked rate is valid for an additional 10 days.

  • Extended 20-Day, 30-Day, 60-Day, and 90-Day locks are available: You may have your rate locked for 20 days  or 30 days at a cost of $500; for 60 days at a cost of $500 with an additional 0.125% being added to the loan rate, or for 90 days at a cost of $500 with an additional 0.25% being added to the loan rate.

  • We must receive payment for the rate lock within 72 hours of the date you request your rate be locked. If the loan is not closed by the end of the rate lock period, the rate will be re-locked at the higher of:
    1. The market rate at that time.
    2. The original locked rate.

  • A re-locked rate is valid for an additional 10 days. Money paid to lock a loan rate will be credited to the borrower when the loan closes. The following rules apply to a cancelled loan application where the applicant has purchased an extended lock:
    1. If the loan applicant cancels the loan, any money paid to lock the rate will be forfeited by the loan applicant.
    2. If NVRmortgages.com cancels the loan, any money paid to lock the rate will be refunded to the loan applicant.
    3. If the loan is a purchase transaction that is cancelled by anyone other than the loan applicant, any money paid to lock the rate will be refunded to the loan applicant. 60-day.

 

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