Rate Lock Policy
Thank you for choosing US Wide Financial, LLC for your home loan needs. We have outlined the rate lock policy to ensure the process is smooth and painless. A rate lock is a guarantee that the interest rate and fees you have selected are protected from changes due to market volatility from the time the rate lock is confirmed through the expiration date.
What does it mean to lock?
Locking a rate begins with completing an application by clicking on the "Apply" tab above. After the application has been submitted, a loan specialist will contact you to review the information and provide available programs and current rate options. Disclosures will then be generated that outline the Rate Lock Agreement you reached with the loan specialist with regards to interest rate and fees, so you have everything in writing along with the required regulatory forms required for us to provide you financing.
When can I lock my loan in?
In order to honor our commitment and lock your interest rate in, as per the rate lock agreement, we require that the rate lock agreement be signed and returned to us within allowable locking hours (Monday – Friday, 10:00am – 6:00pm, excluding holidays). Once the rate is locked the loan needs to close before the lock expires, so in order to facilitate this please deliver the necessary documents to us as soon as possible and avoid opening any new lines of credit, as this could require additional documentation being required and delay final approval of your loan.
Can my rate change after it is locked in?
Once you lock your rate it will not change within the lock period allowed as per Rate Lock Agreement. If the interest rates do rise or fall during this period due to market fluctuations you are protected under the initial interest rate lock agreed upon. However; if there is a delay caused by a third party service provider, the loan must be re-locked or extended based on the given market conditions. Some examples of delays that could trigger a rate lock extension or expiration include: subordination of an existing second mortgage, title issues, not returning loan documents within time period allowed, delay in scheduling of appraisal or any unpredictable situation.
Do I have to lock my rate?
You do not have to lock in your rate; you can choose to "float" the rate. By choosing the float option on the Rate Lock Agreement you are playing the market betting that the rates will improve. As mentioned before, rates can change at any time, so by floating there is a risk that the rate could worsen. Lenders are also reluctant to underwrite loans where the rate is not locked in because if rates do worsen then the borrower will probably not lock and close the loan. Because o this it may just take longer than loans where the interest rate is locked.
Am I Paying any Up Front Fees to lock in?
At US Wide Financial we do not have any upfront fees. No fee for locking in a rate, no fee for completing an application, no fees unless the loan closes.
Is there a Cancellation Fees?
Just like with upfront fees, we do not have any fees if you cancel your loan with us. The only fee you might have to pay is for a completed appraisal. The appraisal fee goes to an independent 3rd party appraiser and cannot be refunded.
Can you choose a different program or Rate after lock in?
You can choose a different program or rate with either more or less fees, but the pricing for the program or rate is in accordance with the pricing from the day you locked your loan originally. So if you choose to change from a 30 year fixed rate to a 20 year fixed rate or from a rate of 4.5% with $2,000 in closing costs to a rate of 4.75% with no closing costs, the pricing goes off of the day you locked initially, not the day you change the program or rate.
I just refinanced in October with a different company and it took 2 months to do and was a pain. I had to think long and hard about refinancing again. I was highly impressed with Vibhu Grover. He was very attentive. He would answer questions when I emailed him at 2am. A couple minutes later, I would have an answer. He puts his customers first. I was highly impressed and would use Vibhu Grover again. I was very pleased and have recommended him to others already!— Terri | St. Peters, Missouri
Received a great rate on a 15 year fixed with the best closing costs I could find. Closing was quick and painless. Thanks!— Andi | St. Charles, Missouri
Always responded promptly when I had questions and kept me up to date on everything that was happening throughout the purchase transaction. Vibhu was at closing and made me feel at ease. He made sure that all my questions were answered. US Wide Financial is a great company. They care about the people and believe in the business. That's hard to find these days. Thanks for everything.— Diana | Chesterfield, Missouri
I just wanted to thank you again for all your help with my refinance. It was the smoothest loan process I have ever experienced and think you and your company will do awesome if everyone handles the process like you did.— Patti | Kansas City, Missouri