Rate Lock Information
Mortgage interest rates change daily so we offer the following options for "locking-in" a rate. Locking a rate protects you against rate increases during the processing period.
Adjustable Rate Mortgages Lock Policy: (Fixed rate lock info is different see below)
Free 45 calendar lock at the initial interest rate offered by RCCU on the day your complete application receives credit approval. (Property must be identified to be considered a complete application). On the 46th day you have the following options:
- Lock fee of .25% of the loan amount will extend initial rate for another 45 calendar days.
- If the rate is lower, that lower rate can be locked for 45 day with a lock fee of .25% of the loan amount.
- If the rate is higher, that higher rate can be locked without a fee for a new 45 day period.
Fixed Rate Mortgage Lock Policy:
You can purchase a lock on all fixed rate mortgage loans if you:
- Have received approval on your mortgage application, have made an offer on a property and can supply the Credit Union with a copy of the Purchase or Earnest Money Agreement.
- Prepay the lock fee of .25% of the loan amount at the time a lock is requested.
Rivermark Community Credit Union's standard fixed rate lock fees are:
- 30 day lock .25% of loan amount, paid at locking.
- 60 day lock .50% of loan amount, .25% paid at locking and .25% paid at closing.
- 90 day lock .75% of loan amount, .25% paid at locking and .50% paid at closing.
All rate lock fees are non-refundable. Loans must close within the guaranteed time period. If your loan does not close and disburse within the agreed upon time frame, the rate lock expires.
