Your interest rate will "Float" or be subject to change until you decide to "Lock-In" a rate.
How to lock-in your interest rate:
Since mortgage interest rates are constantly changing, we offer the option of "locking-in" a current Red Canoe Credit Union rate to protect you against an increase during the loan process. Once your loan rate is locked, you will receive the rate and fee structure you requested to "lock-in", no matter which way rates move. This means that the loan amount you qualify for today will still be the same when the loan closes.
You can lock-in an interest rate and discount points if you:
Submit a fully completed Red Canoe Credit Union loan application.
Supply us with a purchase and sale agreement on the property you are buying (Purchase transactions only). Pre-Approvals are not eligible for lock-in option,
Provide a $500.00 deposit if you have chosen a 60 day rate lock option. This deposit will be credited toward your closing costs. There is NO deposit required for 30 and 45 day locks.
Once these requirements are met you must contact us by phone by calling 1-800-562-5611 ext. 5625 to request a rate lock with a loan representative.
Lock-In Options:
Float to close. You may simply allow the interest rates to adjust all the way to your signing date. There is no loan fee added for this option.
Lock-In option. All first mortgage loan products can be locked at the borrower's request. The following pricing options are available:
30 day lock = No additional costs,
45 day lock = 0.25% loan origination fee added cost,
60 day lock = 0.50% loan origination fee added cost.
(60 day locks also require a $500.00 lock-in deposit that will be credited to your closing costs at closing)
If the loan does not close by the end of the lock-in period, the loan rate will be subject to the current rates but not lower than the original lock-in rate.
A lock-in confirmation will be mailed to you describing the terms and conditions of your lock-in.
