Lock-In Your Interest Rate
Talk to your lender today.
Protect yourself from unpredictable interest rate hikes.
Our Extended Lock Home Loans with Float-Down Option can give you the opportunity to lock in your rate and take advantage of lower rates if they fall.
How it works.
You can lock in an interest rate for up to 180 days using our in-house 7 year or 10 year ARM products. Once you are within 30 days of closing, you may elect to stay in that program or change to any other program that you are eligible for, such as a 30 year fixed rate. If rates are lower at that time, you will have the option to “Float Down” to the lower rate. If rates are higher, then you may remain in the program at the originally locked rate.
Is there a cost?
There is a nominal 0.5% lock-in fee that gets credited back to you towards closing costs at the time of closing. For example: a lock-in fee on a $400,000 loan is $2,000. This fee is credited towards your closing costs at the time of closing, just like how you get credited at closing for your earnest money on a purchase.
- Lock-in your interest rate for up to 180 days.
- Nominal 0.5% lock-in fee that is credited toward your closing costs.*
- With the Float-Down Option, you can change your loan program (such as to a 30-year fixed rate), within 30 days of closing.
Talk to your lender today for further details. Your lender can provide a variety of options and examples to help you decide the best option for you.
*Upfront fees must be received within 72 hours of executing the lock agreement. Lock-in Fee will be credited towards closing costs at the time of closing. Fee is non-refundable in the event your loan does not close with First Security Bank unless your loan request is denied. All loan decisions are subject to First Security Bank’s internal lending constraints and the unique credit circumstances of the borrower.