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Rate Lock Policy

Interstate’s rate lock policy is paramount to our success as a price leader. It is critical that a borrower understand when their loan is eligible for a lock and, once eligible, if it is in a lock or float status. This policy should answer all your questions regarding locks.

 All rates that are quoted on the site (best case pricing) will be eligible for lock once the following items have been received by an IMS representative: 
1.      Completed and signed loan application with disclosures
2.      Needs list for type of loan (included in your application package)
3.      Authorization to pay for appraisal. (visa or mastercard)
 
These items are considered critical documents to determine an accurate/actual loan rate and terms. Remember: your rate may differ from rates listed on the website if you do not meet the rate assumptions. You may, however, still meet loan eligibility requirements with adjustments to rate. 
 
Once all items have been received, you can notify your loan agent that you would like to have your current rate locked. If for any reason your terms have changed from initial pricing, your agent will send you a revised good faith estimate (GFE) and truth in lending disclosure (TIL) with current day pricing. These documents must be signed and sent back to your agent. 
 
Our lock cutoff deadline is 4 pm MST daily, Monday through Friday. Lock requests received on weekends will be processed the next business day. 
 
If you request your file to be locked you should receive a confirmation within 24 hours. Please contact your agent or customer service if you do not receive a confirmation after 24 hours.
 
Since Interstate Mortgage strives to close loans quickly, our rates are typically locked for 30 days. In order to prevent an extension, borrowers must respond quickly to condition requests. If a borrower delays a file by not responding within 3 business days, their file could be subject to rate extension costs or a locked rate becoming void. 
 
Loans that require a subordination are only eligible for 45 day lock period. 
 
If borrower elects to use their own title company, Interstate will not be responsible for delays or lock extension costs as a result of this provider. 
 
Our rate lock policy is strictly enforced to keep borrowers protected and informed on their loan terms. We understand that our success is based on keeping surprises out of the refinance process. Interstate appreciates the opportunity to meet your financing needs.   Please contact us should you have additional questions regarding locks.
 
-Team Interstate
 
* A locked loan does not mean a loan approval.  All locks subject to change if a "Changed Circumstance" occurs.  Example of this is lower credit score, income loss, or appraisal not coming in with expected value.
Interstate Mortgage Service, Inc. NMLS #89235
25062 South 190th Street, Queen Creek, AZ  85142
Office:  (480) 553-5555
ryan@interstatemortgage.net
Copyright © 2017 Interstate Mortgage Service, Inc. NMLS#: 37053. Go to www.nmlsconsumeraccess.org to verify licensing.

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