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Rate Lock Policy
Rate Lock Agreements
Due to changing market conditions, mortgage interest rates are subject to change without advance notice. A "lock" is an agreement by the borrower and the lender that specifies the number of days for which a loan's interest rate and points are guaranteed. Should interest rates rise during that period, the bank is obligated to honor the committed rate. Should interest rates fall during that period, the borrower must honor the lock.
To help protect you from these market movements, GCF's Standard (purchase or refinance) Rate Lock Agreement "locks-in" the current market rate when you apply. Not only does GCF protect you from increasing interest rates for up to sixty (60) calendar days from the date you apply, but if the rate in effect ten (10) calendar days prior to closing is lower than the rate at the time of your application, you will receive the lower rate. You agree to proceed in good faith toward the closing of your loan.
GCF's Construction to Permanent Mortgage Rate Lock Agreement is simply unbelievable! Not only does GCF lock-in your rate at the time of application, your rate lock does not expire until 180 calendar days from the date of the Mortgage Loan Commitment, if you haven't taken your first draw. If the rate in effect ten (10) calendar days prior to first draw is lower than the rate at the time of your application; you will receive the lower rate. After you take your first draw, you will have an additional 180 calendar days to complete the construction of your home.
Flexibility is provided with GCF's Newly Constructed Home Rate Float/Lock Agreement. Elect to "float" the rate or with the payment of a $500 fee, lock the rate for up to 90 calendar days. Need a longer lock? GCF also has a 91 up to 180-calendar day lock for a fee of .50% of the loan amount.
Please Note:
- Transferring a rate lock from one borrower to another or from one property to another is also prohibited.
- Loans currently locked under one loan program and then changed for any reason to another program will be at current market pricing for the new program.
- Lastly, GCF will not permit two concurrent rate lock agreements for the same borrower for the same property address from different brokers.
Rate Lock Extensions
Available upon request and on a case-by-case basis. An additional adjustment to price may apply. All loans must fund within the specified rate lock period otherwise they are subject to repricing. Extensions must be negotiated prior to the expiration of the original rate lock.
QUESTIONS
Email deborah.shaw@gcfbank.com or call us at (877) 589-6600 and ask to speak to a Loan Co-ordinator.THE MORTGAGE RATE LOCK AGREEMENT IS NOT AN APPROVAL OF ANY MORTGAGE APPLICATION OR A COMMITMENT FROM GCF TO APPROVE OR FUND ANY MORTGAGE.