Premier America Credit Union: Choose: Rates: Rate Lock

Information about Locking Your Rate and Points

A lock "freezes" the interest rate and points that will apply to your mortgage. If you fail to lock, your loan rate will be subject to Premier America's rates and points at the time we draw your loan documents (generally occurs as one of the last steps in the loan process), and the rate and/or points may be either higher or lower than those in effect at the time you submitted your application. You may request to lock the rate and points on any business day during loan processing, but no later than 10 days prior to the initial drawing of your closing loan documents. Be sure to review our Lock Requirements.

For purchases, you must provide us with a signed Purchase and Sales Agreement on the property you wish to buy, prior to locking the rate (pre-approvals without a specific property address are not eligible for a rate lock).
The interest rate must be locked prior to the preparation of your loan closing documents.
You may not lock your loan during the application process, but may do so once approved.
No rate lock requests will be accepted via e-mail or by voice mail.
If you have not locked earlier, we will ask you to lock your rate 10 days before we will prepare loan documents. Failure to lock at that time will be considered an abandonment of your loan application.
Your request to lock will be effective when Premier America Credit Union has received and approved your completed loan application and all other required forms, and we have issued a written rate lock confirmation.

The standard lock period is 45 days. If a delay in closing the loan is due solely to Premier America's act or omission, and rates have risen in the interim, we will extend the lock period to account for our delay. Need a longer rate lock period?

At the time you lock your rate and points, you have the option to buy a longer lock period, not to exceed a maximum of 60 days. Your interest rate will be increased by one-eighth of one percent (1/8%) for each additional 15 days you choose above the standard 30 days. Once you lock the interest rate and points for your loan, you will receive those rate and points if your loan is funded by the lock expiration date. The lock also establishes the lowest rate and points at which your loan can fund regardless of whether market rates change after your rate is locked.

Locking your interest rate is your responsibility. When you decide to lock your loan, use the online rate lock option, or complete and submit a Lock Request form. When we process your lock request, we will provide you with a written lock confirmation showing you the interest rate and points at which your loan was locked.

Additional Term and Conditions

Interest rate and points will be guaranteed provided members provide all documentation, information, and certifications requested and satisfy all loan approval conditions in a timely manner.
Your locked rate is valid only for the property address, loan amount and loan program originally indicated. If you choose to purchase or refinance a different property, switch loan programs, change your point structure, extend your lock or change your loan amount, you must re-lock at the higher of your original locked rate or Premier America's then current rate.
It is possible that interest rates may fall between the date you lock the rate and your loan closing and/or lock expiration date. If this happens, you are still required to close at your locked rate. If, for any reason other than a delay caused solely by Premier America, you can't close on or before your lock expiration date, you'll be required to close at the higher of your locked rate or our then current rate.
The time period required in processing your loan may be subject to the actions of parties over which Premier America Credit Union has no control, including, without limitation, delays due to applicants, co-borrowers, acts or omissions by appraisers, lien holders, credit bureaus, escrow officer or title companies. Therefore, Premier America makes no guaranty that your loan can be closed prior to the rate lock expiration date.