How It Works
Your Application & Pre-approval
First, you apply for a mortgage and find out the amount you can spend.
The Lock & Shop program’s available for first mortgage purchases, all terms, and ARM (adjustable-rate mortgage) loans.
Locking the Rate
After you’re pre-approved, let your mortgage loan officer know you’d like to lock the rate. They’ll answer any questions and help you decide if you want to lock it right away, or maybe wait a bit.
Timing for Everything
The rate lock’s good for 90 days, and here’s how it breaks down:
- You have about 60 days to shop
- We’ll need your signed purchase agreement 30 days before the lock expires
- That leaves you 30 days to close
- If you close after 90 days, you can either relock at current rates or pay to extend your existing rate lock