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Rate Lock Request

1. Background and Definitions.
Lender has guaranteed to the Borrower the availability (i.e., to "lock-in") certain terms of a mortgage loan for a specified period of time, a specific loan program and a specific property. This Agreement, called a "lock-in" agreement is to set forth the terms and conditions agreed to. In this Agreement, "you" and "your" refer to the Applicant(s) and "we," "our" and "us" refer to the Lender. This Agreement is in addition to a separate commitment by us to make the loan to you, and, is not intended to supersede the terms of that commitment.

THIS REQUEST FOR A RATE LOCK-IN DOES NOT GUARANTEE THAT YOUR LOAN WILL BE LOCKED AT THIS RATE. YOUR LOAN CAN ONLY BE LOCKED IN AFTER YOUR LOAN HAS BEEN PRE-UNDERWRITTEN AND QUALIFIED FOR THE RATE YOU ARE REQUESTING.

2. Terms and Conditions.
A. The expiration date of this Lock-in Agreement will be determined at the lock-in date.
B. The terms and conditions which are requested for the period of this Agreement are:

First Name: *
Last Name: *
Property Address: *
Email: *
Interest Rate Requested: *
Loan Amount: *
Loan Term: *
Loan Program: * Fixed
Adjustable Rate
Origination Fee: *
Discount Fee: *
Other:
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Enter this code in the box to the right.
 

C. A lock-in guarantees a specific mortgage interest rate (determined at the time of locking in) for the lock-in period. This rate WILL NOT CHANGE regardless of market conditions and is NON-CANCELLABLE. However, the loan, if approved, must close within the lock-in period. THE TERMS OF THIS LOCK-IN AGREEMENT ARE NOT TRANSFERABLE TO ANOTHER LOAN PROGRAM OR A DIFFERENT PROPERTY. FAILURE TO CLOSE WITHIN THE LOCK-IN PERIOD MAY RESULT IN AN ADDITIONAL FEE WHICH WILL BE ASSESSED AT CLOSING. IN ADDITION A NEW INTEREST RATE AND POINTS WILL BE DETERMINED, WHICH WILL BE THE HIGHER OF THE LOCK-IN RATE AND POINTS OR THE CURRENT MARKET RATE AND POINTS. Atlantic Stewardship Bank will make every effort to assist the Applicant in closing during the lock-in period, but assumes no responsibility for the failure to close on time. THE LOCK-IN OPTION IS AT THE APPLICANT'S FULL EXPENSE AND RISK. Lock-ins are speculative in nature.

3. Time of Closing.
Based on our general experience, we anticipate that we will be able to close your mortgage loan before the expiration of the lock-in agreement (as set forth in paragraph 2 above) or any extension thereof agreed to by you. We cannot guarantee against circumstances beyond our reasonable control which might prevent the closing of your loan before the lock-in period expires. Your personal attorney or closing agent should be promptly advised that you have "locked-in."
Rates are locked for a specified number of days. If the rate expires, there maybe an extension fee if your loan does not close within the specified number of days of the rate lock. If you provide us with the normal verifications (income, assets and etc.) we request in a timely manner the loan will generally close within this time frame.

If your loan does not close before the expiration date of either this Lock-in Agreement or your commitment, through no substantial fault of your own or of an agent of yours, you may have this Agreement extended for a period of no more than 14 days from either the expiration of your commitment, or from the issuance of the commitment, if no commitment was issued before this Agreement expired.

You and we agree further that no term provision or agreement contained herein may be changed during this lock-in period.

There may be certain costs and fees that will be charged with your mortgage application loan such as:

No Closing Cost Loans under $175,000 :  

          An application fee of $450.00

Loans with Customer paid closing cost:       

          An application fee of $500.00

          Lock-in fee of ½ point of the loan amount refundable at closing.