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Locking Information

As long as you have identified a Property Address, you may lock in an interest rate and discount points (for most products).

You must lock online, or speak with a BECU representative as we cannot accept rate locks via email or by voice mail. Locks are available between 8 a.m. (PT) and midnight (PT) daily.

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. (PT) to 7:00 p.m. (PT) 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. Please be aware that selecting a rate and discount during the application does not actually lock in that rate and discount. You must go through the Rate Lock process.

Keep in mind, securing the interest rate is your responsibility. The daily posted interest rate and discount points may differ when locking in your loan because there may be  adjustments depending upon your loan profile (credit scores, loan-to-value percentage, etc.). This can be further explained by your mortgage representative. If changes to your loan profile are identified after initial rate lock, additional adjustments may apply.

Your interest rate lock is dependent on all documentation, information, certifications and approval conditions being satisfied by the borrower(s) 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

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 you lock your loan 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 online, or via telephone or in person on any business day during loan processing, but no later than 10 day prior to the preparation 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 mortgage representative.

If the interest rate selected results in a lender credit greater than allowable closing costs, you may be required to choose a lower interest rate. Also, interest rate rebates may not be combined with excess interested party contributions.

Additional Terms and Conditions:

The time period required in processing your loan is 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.

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