You may lock in an interest rate and discount points online (for most products), by phone or in person after you have received credit approval and:
- For purchases, provided us with a signed Purchase and Sale Agreement on the property you wish to buy.
- For refinances, paid the non-refundable Application Fee (see fee schedule below).
Once these requirements are met, contact us in person or by telephone at 1-800-233-2328 ext 5772 or 206-439-5772 between the hours of 7:00 a.m. (PST) to 7:00 p.m. (PST) Monday through Friday (excluding holidays) to request a rate lock, or if available for your product, you will be presented with the Lock Loan option at the end of the application process (once you have authorized the application fee).
Selecting an interest rate during the application process does not lock your interest rate. No rate lock requests will be accepted via e-mail or by voice mail.
Please be sure that you have the funds available for the non-refundable Application Fee* (see schedule below) otherwise we will be unable to continue the application process or lock your rate.
*Application Fee Schedule
Loan Amount of $0 to $700,000: $525
Loan Amount of $700,001 to $1,250,000 or 2-4 units: $1,200
The non-refundable application fee is payable upon credit approval. This loan will not be processed until you authorize this fee (except for Pre-approvals where no property address has been entered).
Rate locks for refinances will require an additional $500 charge, but this will be credited back to you when your loan is disbursed. If you lock the loan and do not complete the transaction, this fee will not be refunded to you.
Remember, locking your interest rate is your responsibility. When you decide on the interest rate and discount points for your loan, use the online rate lock option, or give us a call and speak with a loan representative who will put your lock in place and guarantee** the rate and points for your closing date. When we process your "lock request", we will provide you with a written lock confirmation showing you the interest rate and points your loan was locked in at.
**Interest rate will be guaranteed provided members provide BECU with all documentation, information, and certifications requested. Members must satisfy all loan approval conditions in a timely manner in order to allow BECU adequate time to process and fund the loan within the lock period.
BECU OFFERS TWO RATE LOCK OPTIONS:
(1) LOCKED INTEREST RATE: (FIXED RATES AND ARMS)
If your loan is approved, closed and disbursed within the lock-in period, the interest rate and discount points shall be the rate and points at the time you locked your rate. This will apply regardless of any changes to the prevailing rates offered by BECU for similar loans between the time you lock your rate and loan closing. The rate and points will not be increased or decreased as a result of changes in prevailing rates.
(2) FLOATING RATE: (PURCHASE LOANS ONLY)
The interest rate and discount points will "float" with the market until the day your loan documents are prepared for closing and may ultimately be higher or lower than that which prevailed at the time of application. You may request to lock the rate and points on any business day during loan processing, but prior to the initial drawing of your closing loan documents. The final interest rate and points will be equal to BECU's prevailing rate and points for the applicable lock period at the time your lock request is confirmed by a BECU Home Loan Representative.
Still looking for a home:
Then Lock and Look. This option is available on all Adjustable Rate Mortgage (ARM) products. You have the freedom to shop for a house without having to worry about rising interest rates, which might potentially disqualify you during your house hunt. We require a prepaid $500 deposit for this option, which is credited to you if you close your loan with BECU.
Additional Terms and Conditions:
The time period required in processing your loan may be subject to the actions of parties over which BECU has no control. Therefore, BECU makes no guaranty that your loan can be closed prior to the rate lock expiration date. The rate lock period will not be extended in the event of delays which are beyond the control of BECU. This includes -- but is not limited to -- delays in the receipt of items provided by third parties such as appraisals, payoff statements, title issues, or credit verifications. It could also include your failure to promptly provide BECU with documentation required for loan approval and/or closing.
