The Osburn Group- Richard Osburn - Broker Assoc. & Lorena Pena - Realtor
The interest rate market is dynamic, and subject to movements without advance notice. Locking a rate protects you from the time t hat your lock is confirmed to the day that your lock period expires.
Lock In Defined
A lock is an agreement by the borrower and by the lender and specifies a number of days for which a loan's interest rate and points will be guaranteed by the lender. Should interest rates rise and you have met all of your conditions, E-Loan is obligated to honor the rate that we have advertised and locked on your behalf. Should interest rates decrease, the lock must still be honored by the borrower.
E-Loan does not charge a fee for locking in your loan. If you currently have a loan in process and you have returned your signed package to E-Loan, we will lock your rate with no upfront fees.
E-Loan quotes 30, 45 and 60 day lock in periods on our site. This means that your loan must fund within this number of days from the day that your lock is accepted by our lending partner.
Until E-Loan confirms that your rate lock has been accepted by our lender, your loan is not locked in. When you request a lock, E-Loan contacts our lending partner and secures the lock on your behalf. Unfortunately, the lock process is not yet automated within the mortgage industry therefore E-Loan must follow the lock guidelines of it's lending partners. For this reason, we are not yet able to verify your lock request immediately but will do so within 48 hours of your lock request.
E-Loan does not renegotiate locks with lenders. Our lender's policies mandate delivery of all locked loans due to the costs associated with lock fallout. While we would like to renegotiate locks on your behalf, our lenders are not able to do so. For this reason we recommend that you carefully consider the timing of your lock. We suggest that if you are not certain as to your willingness to close on a rate, that you watch the market for several days prior to requesting your lock.