Northlawn Financial, Inc.

 

A 'lock' is an agreement with a lender that specifies the number of days for which a loan's interest rate and points will be guaranteed by that lender. Should interest rates rise, your rate is guaranteed to be honored by the lender. However, Should interest rates decrease, the lock must still be honored by the borrower.

The interest rate market is dynamic, and subject to movements without advance notice. Locking a rate protects you from the time your lock is confirmed until the day that that it expires. A rate lock period can vary in length. Northlawn Financial generally quotes 30 day lock-in periods When quoting rates. This means that your loan must close and fund within 30 days of the day it is locked with the lender. Other lock periods may be available (For example: 12, 45, 60, 90, or 180 days). Typically, the longer ones cost more or may carry a higher rate.

Northlawn Financial cannnot renegotiate your rate with a lender once we have received confirmation of the rate lock. 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, the lenders do not allow us to do so. For this reason carefully consider the timing of your lock.

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