What is a rate lock?

We will quote loan interest rates to you after determining your qualifications. However, there is a time lapse between initial qualification and the funding of your loan, and the rate available for your loan can change drastically over that time period depending on what happens in the market. Most of the time, choosing to “lock” your rate as quoted is advisable, to avoid delays or a rise in rate.

We will advise and coach you through this decision, as a rate can be locked for a period of 30 – 60 days at varying costs. While locking your rate ensures your rate cannot increase (despite market activity) for the allotted time period, it also means that it cannot decrease (even if the market improves). Choosing not to lock your terms means your rate is considered “floating” and is subject to changes in the market.

Contact a Loan Officer to discuss your options.

Corporate Headquarters

  • 713-334-1100
  • 9700 Richmond Avenue, Suite 320
  • Houston, TX 77042
  • NMLS #2297
Equal Housing Opportunity