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America's Wholesale Mortgage Broker TM
Interest rates fluctuate dynamically and without notice. When you lock a rate, you are protected from these fluctuations from the time your lock is confirmed to the day that your lock expires. Please be aware that due to the inherent volatility of the interest rate markets, neither San Juan Mortgage nor their wholesale lenders are responsible for any rates that may change prior to our written confirmation.
A rate lock is a written agreement between the borrower and the lender, specifying a number of days for which a loan's interest rate and points will be guaranteed by the lender. Should interest rates rise, our lender is obligated to honor the rate that we have locked on your behalf as long as your lock does not expire. Should interest rates decrease, you are obligated to honor the lock.
You will be able to lock your rate at any time AFTER we have completed the following loan origination steps: 1. We have received your loan application, signed forms and application fees.
2. If applying for a conventional loan, we have input your information into our
3. We have selected the appraiser that will value your home and have indentified
4. We have discussed the loan processing and closing timing elements with you
5. You have completed the on-line rate lock form and we have confirmed your
Rates can be locked for 15, 30, 45, 60 and 90 day lock-in periods, depending on the type of loan you have applied for. 15-day locks are only available on loans that have been approved, all prior-to-docs conditions have been satisfied, and the loan is ready for the documents to be drawn.
If your rate lock expires and you want to re-lock, your loan will be subject to worst-case pricing. Worst-case pricing is calculated by comparing the pricing from the original lock date with current pricing. To re-lock, you will need to accept which ever rate is higher. Borrowers who are unwilling to re-lock at a higher rate must wait 30-90 days, depending on the lender, from the date of the expiration of the original lock, at which time they are again eligible for current pricing.
Once a rate lock has been completed, we do not have the ability to make a change. Because a rate lock is a financial guarantee and create an expense for the lender, they will not allow you to make a change. You should refrain from trying to "time the market" prior to locking your loan in order to possibly capture a lower rate. Rate locks should be used only to eliminate your up-side rate exposure.
Below are two links that will give you some general information on rate locks.
 461 Cascade Way - Eastsound, WA 98245 Office Phone: (360) 376-5194 E-Mail: terrydonovan@sanjuanmortgage.com America's Wholesale Mortgage Broker TM 
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