| Our rate lock confirmation is designed to provide you, the borrower, with the terms of the loan we, the lender, have locked on your behalf. At the time of lock, we take a position in the credit markets. If rates go up, the terms of your lock do not change. This protects you, the borrower, from increasing rates. If rates go down, the terms of your lock do not change. In order to protect us, the lender, we require that you print this page, sign it, and fax it back to us prior to locking in your rate. |
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| I have reviewed the information in the website and am fully aware of the charges outlined in the "Closing Costs" portion of the site. I also understand that I will receive a Good Faith Estimate from the lender with additional estimated charges paid to other parties associated with my transaction. I have identified below the key terms of the lock. |
| Loan Program | ___________________ (ex. 30 yr fixed) |
| Rate | ___________________ (ex. 7.625%) |
| Points | ___________________ (ex. 1.5 points) |
| Length of Lock | ___________________ (ex. 30 days) |
| Impounds Required | ___________________ (eg. Yes or No) |
| I, the borrower, desire to lock in an interest rate for my loan at this time. In exchange for you, the lender, locking in the rate on my behalf, I agree that if I do not close this loan with the lender for any reason other than the those listed below, I will pay the lender $400 in cancellation fees and reimburse the lender for any necessary legal expenses incurred to collect the cancellation fee. |
| No Cancellation Fee is required if: |
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| __________________________ |
| Date Signed |
| __________________________ |
| Borrower's Signature |
| __________________________ |
| Borrower's Name (Printed) |