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Locking RatesLocking in your interest rate is an important point in the loan process. It is when you choose an interest rate for the loan program you have selected. It is a decision that should not be taken lightly and you should understand all of the parameters surrounding locking in an interest rate. Once you have chosen an interest rate you are committed to that interest rate from that point on. The borrower, lender, and broker all make a written commitment to honor that interest rate. The lender in turn makes a commitment in their portfolio to buy that loan at that interest rate even if rates go up! If rates were to fall .25% to .375% in RATE (not points) some lenders may renegotiate the rate with you/us. This renegotiation process is completely at the lenders discretion. Some lenders are completely unwilling to give the lower rate if rates go down because they take the risk when rates go up during a lock period. We want you to know that all interest rate locks will be confirmed in writing and signed by you prior to Best Rate Solutions locking your rate with our lenders. We think that putting the interest rate lock in writing and having you acknowledge your request is a critical step to providing outstanding customer service and giving you confidence in what you have requested from us and what we will deliver to you in return. When you choose to lock your interest rate you must call and speak to your loan officer or their assistant. You may lock your interest rate anytime Monday through Friday 9:00 a.m. to 4:00 p.m. once we have a complete loan application. You can complete your application by phone with us in about 10-15 minutes or you can complete the application online via our secure server application. When you call to lock your interest rate we will confirm your request back to you, immediately, in writing by either email or fax. You will need to be able to receive the email or fax and be able to sign and return the Lock Confirmation to us by fax or email immediately. Please remember, rates change daily and at times of volatility may change more than once in a day so time is of the essence in returning your written rate lock confirmation. Lock Terms: Remember that many times the most competitive lender may also be the busiest and thus may require longer interest rate lock terms. When you do choose to lock your interest rate we will advise you on the term of the interest rate lock and whether it should be for 30, 45, or 60 days. In order to give you the most competitive rate we monitor each of our lenders loan processing times and will use our 17 years of experience to guide you on how long the process will take based on the lenders processing times. Our goal is to match your needs, the lock term, and the processing times. You also have the option of floating. Floating means we will begin the loan process but we will hold off on locking your interest rate until 12-15 days before closing. Typically this will allow you to obtain slightly better pricing and should rates go down we wouldn't have a problem getting you the lowest rate available. However should rates go up you do run the risk of having to lock at a higher rate than was available at the time of application. We do work for you, and we will do exactly what you wish concerning your rate lock. We will always be happy to give you our advice if you ask, but the final decision is yours. THE PROCESS ONCE YOU HAVE LOCKED YOUR INTEREST RATE Please remember that the mortgage industry and the real estate industry is very time line driven due to refinance loans and purchases having to close prior to the interest rate lock expirations and by closing dates. Once you have locked your rate your cooperation is critical in order for us to provide you with the highest service levels possible. Once you have locked your interest rate you will be receiving your loan application package if you had not received it prior to locking your interest rate. The application package will contain instructions on what documentation is needed to process your loan and how to return your application to us. It is critical that you return your completed loan application package to us WITHTHIN 48 HOURS OF RECEIPT. If returned in 48 hours this will allow for ample time to process and close your loan within the lock period. We will provide you with our Federal Express account number so that you can return the application as quickly as possible. We will take it from this point and process and underwrite your loan and submit it to the lender. You will receive a copy of our Loan Process Flow Chart so that you will have a working knowledge of the steps that your loan follows. The chart will also give you the names and phone numbers of our very capable team who will handle your loan. Thank you for your business! Our goal is to win “Clients for Life” by providing our clients with outstanding customer service and the most competitive interest rates and fees in the market. We hope this dedication to service will compel you to tell your friends, relatives and co-workers about Best Rate Solutions. Your referrals allow us to keep our prices competitive and our service at the highest levels.
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Equal Housing Lender. 
