Our Rate Lock Policy
It's easy to lock your rate with CenturyPoint Mortgage
When you find a great mortgage rate, you want to lock it in as soon as possible. Locking your rate ensures that the rate you were quoted will be the rate you pay at closing. We Guarantee It!
Unlike many other lenders, there is no fee to lock in your rate. We do require that you have a property selected if you are buying a home. We also ask that you provide a deposit of $395.00 at the time you lock your rate. The deposit, which is credited 100% towards your closing costs, not only indicates that you are serious about moving forward with your mortgage application. It also allows us to begin processing your loan, covering the costs associated with order an appraisal of the property and pulling your credit report.
When to Lock
It is recommended that you lock your rate when you apply for your loan, however it is not required. If you believe that rates are going to come down in a few days, you are welcome to "Float" your rate and lock in later. However, rates that go down also go up, so we always recommend that when you find a mortgage rate you like, you should lock it right away.
Rate Lock Period
A standard rate lock period is 30 days from the time of application (which is when most borrowers lock their rate). CenturyPoint Mortgage offers longer - or shorter - rate lock periods if required. If you need an extended lock period, such as 45 or 60 days, speak with your Mortgage Specialist for details. Note that there may be a fee for a longer lock period, or for extending an existing rate lock.
Rate Lock Refunds
If you decide to cancel your application for any reason, you may request a refund of your deposit by contacting your Mortgage Specialist. The actual amount of your refund will depend on the costs incurred by CenturyPoint Mortgage at the time of your cancellation. For example, if we have secured an appraisal for your property, your refund will be reduced by the cost of the appraisal. Of course, we will also provide you with a copy of the appraisal for your records.
