Locks
What Is a Lock?
Because mortgage rates change on a daily basis, lenders offer you the ability to "lock" a rate and discount point structure for a certain period of time. If interest rates rise during your lock period, the lender is required to close the loan at your locked rate. Conversely, if rates decrease during the period you are obligated to honor your locked rate.
When Can I Lock?
After you are pre-qualified you may put your loan into process. At that time you may choose to lock your rate or you may continue to watch the market and lock at any time prior to your final closing documents being drawn. (This is called "floating"). Lock request can be made M-F from 10:00-4:00 PST by calling us at (909)
884-0584
How do I Know My Lock Has Been Confirmed?
Generally locks are confirmed the day they are requested via e-mail to you from your loan status screen. However, during very volatile market periods there may be changes during the day that affect your lock request. You should not consider your rate locked until you receive your e-mail or loan status confirmation.
Can I Change My Lock?
Please consider carefully the timing of your lock request. Unfortunately, if you have a confirmed lock and interest rates decline Equity Funding Group can not renegotiate your lock with the lender. You should only lock a rate when you are certain that you are comfortable closing your loan at that rate.
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