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A Guide To Lock-Ins
The interest rate market is subject to constant swings without advance notice. Locking a rate protects you from the time that your lock is confirmed to the day that your lock period expires.

Please note that we cannot be held responsible for any rates that may change prior to our written confirmation.

Lock-in Defined
A lock is an agreement by BOTH you, the borrower, and the lender and specifies the number of days for which a loan's interest rate and points will be guaranteed by the lender. Should interest rates rise and you have met all of your conditions the lender is then obligated to honor the rate that they have locked on your behalf. Should interest rates decrease, the lock must still be honored by you.

When Can I Lock?
You can lock a rate once your application information has been reviewed. In some cases, your application will provide all the information needed and you will have the option to lock at the time you apply. Otherwise you will be invited to lock after you have returned your package and your documentation and credit information has been reviewed.

We recognize that you may not be available to request a lock during this time period; if so, please contact your Loan Agent for assistance. We are working with all of our lending partners to extend the lock-in period, and appreciate your understanding.

Lock Period
Lock-ins will vary from 10 days to 180 days. It costs more to lock in for extended periods of time.

Lock Confirmation
Until we confirm in writing that your rate lock has been accepted by our lender, your loan is not locked in. When you request a lock, we contact our lender partner and secure the lock on your behalf. Unfortunately, the lock process is not yet automated within the mortgage industry, therefore, we must follow the lock guidelines of our lending partners. For this reason, we are not able to verify your lock request immediately but will do so ASAP after your lock request submission.
  Carmel Mortgage
29 Navajo Drive
Salinas, CA 93906
Phone (831) 275-0380
Fax (831) 536-1803

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