Locking Your Interest Rate2018-10-11T20:36:14+00:00

Locking Your Interest Rate

Concerned about locking in a great rate? Don’t worry; we got more options than the donut store. And don’t be intimidated: our team of mortgage experts will keep a trained-eye on the market and guide you through the rate-locking process to get you the best rate possible.
15-Day
30-Day
45-Day
60-Day
90-Day
120-Day
Lock & SHOP

15-Day Lock

“Short” Lock

  • A 15-day lock can sometimes provide savings to a customer when there is expected market volatility in the near future. They can constitute a considerable risk to the borrower as most real estate purchase transactions take longer than 15 days to close.

30-Day Lock

“Standard” Lock

  • A 30-day lock is the standard rate lock option. Most real estate transactions take less than 30 days to consummate, so a 30-day gives some us some wiggle room if there are conditions or setbacks in your real estate purchase transaction.

15-Day Lock

“Short” Lock

  • A 15-day lock can sometimes provide savings to a customer when there is expected market volatility in the near future. They can constitute a considerable risk to the borrower as most real estate purchase transactions take longer than 15 days to close.

30-Day Lock

“Standard” Lock

  • A 30-day lock is the standard rate lock option. Most real estate transactions take less than 30 days to consummate, so a 30-day gives some us some wiggle room if there are conditions or setbacks in your real estate purchase transaction.

45-Day Lock

“Longer” Lock

  • A 45-day lock gives us extra time to consummate your real estate purchase transaction when there is a degree of uncertainty surrounding the market or the closing date of your home.

60-Day Lock

“Long” Lock

  • A 60-day lock gives us even more additional time to consummate your real estate purchase transaction when there is a degree of uncertainty surrounding the market or the closing date of your home.

45-Day Lock

“Longer” Lock

  • A 45-day lock gives us extra time to consummate your real estate purchase transaction when there is a degree of uncertainty surrounding the market or the closing date of your home.

60-Day Lock

“Long” Lock

  • A 60-day lock gives us even more additional time to consummate your real estate purchase transaction when there is a degree of uncertainty surrounding the market or the closing date of your home.

90-Day Lock

“Extended” Lock

  • A 90-day lock can be used when you want to take advantage of today’s low interest rates, but you or your home builder need more time to close. Only available on conforming fixed-rate mortgages, FHA fixed-rate mortgages, or VA fixed-rate mortgages.

  • The float-down option allows you to reduce the interest rate if market rates decline. It can only be applied once during the lock period and must be exercised within 30 days prior to closing. The option will be allowed down to .125 above the current 60-day rate and is applicable for the lesser of 30 days or through the remainder of the lock-in period, whichever expires first. This does not extend the rate lock period.

120-Day Lock

“Super-Extended” Lock

  • A 120-day lock can be used when you want to take advantage of today’s low interest rates, but you or your home builder need more time to close. Only available on conforming fixed-rate mortgages, FHA fixed-rate mortgages, or VA fixed-rate mortgages.

  • The float-down option allows you to reduce the interest rate if market rates decline. It can only be applied once during the lock period and must be exercised within 30 days prior to closing. The option will be allowed down to .125 above the current 60-day rate and is applicable for the lesser of 30 days or through the remainder of the lock-in period, whichever expires first. This does not extend the rate lock period.

90-Day Lock

“Extended” Lock

  • A 90-day lock can be used when you want to take advantage of today’s low interest rates, but you or your home builder need more time to close. Only available on conforming fixed-rate mortgages, FHA fixed-rate mortgages, or VA fixed-rate mortgages.

  • The float-down option allows you to reduce the interest rate if market rates decline. It can only be applied once during the lock period and must be exercised within 30 days prior to closing. The option will be allowed down to .125 above the current 60-day rate and is applicable for the lesser of 30 days or through the remainder of the lock-in period, whichever expires first. This does not extend the rate lock period.

120-Day Lock

“Super-Extended” Lock

  • A 120-day lock can be used when you want to take advantage of today’s low interest rates, but you or your home builder need more time to close. Only available on conforming fixed-rate mortgages, FHA fixed-rate mortgages, or VA fixed-rate mortgages.

  • The float-down option allows you to reduce the interest rate if market rates decline. It can only be applied once during the lock period and must be exercised within 30 days prior to closing. The option will be allowed down to .125 above the current 60-day rate and is applicable for the lesser of 30 days or through the remainder of the lock-in period, whichever expires first. This does not extend the rate lock period.

Lock & SHOP

Take advantage of today’s historically low interest rates while you continue your home search at ease. The program allows you to lock-in an interest rate for up to 60 days and is available on all of Academy’s conventional and government fixed-rate loan products.

  • Academy’s Lock and Shop program requires an upfront commitment fee of .25% of the proposed loan amount. The commitment fee is applied to your closing costs if your loan closes within the 60-day lock period.

  • The commitment fee is due within five Academy business days of the interest rate lock-in agreement. Fees not received in Academy’s home office in Draper, Utah, within five Academy business days will result in the lock being canceled. The commitment fee is refundable if the loan application is denied but is not refunded if the lock is canceled or expires. Loans must close within 60 days of the lock-in agreement to avoid forfeiting the fee.

Take advantage of today’s historically low interest rates while you continue your home search at ease. The program allows you to lock-in an interest rate for up to 60 days and is available on all of Academy’s conventional and government fixed-rate loan products.

  • Academy’s Lock and Shop program requires an upfront commitment fee of .25% of the proposed loan amount. The commitment fee is applied to your closing costs if your loan closes within the 60-day lock period.

  • The commitment fee is due within five Academy business days of the interest rate lock-in agreement. Fees not received in Academy’s home office in Draper, Utah, within five Academy business days will result in the lock being canceled. The commitment fee is refundable if the loan application is denied but is not refunded if the lock is canceled or expires. Loans must close within 60 days of the lock-in agreement to avoid forfeiting the fee.

Contact us to discuss a rate lock, including when to lock and a plan for closing by the lock expiration date.

*The upfront fee is due within five business days of the signed and dated Extended Rate Lock Disclosure and Agreement. Fees not received in Academy’s home office in Draper, Utah, within five business days will result in the lock being canceled. The upfront fee is refundable, prior to lock expiration, if the loan closes or the application is denied. The upfront fee is not refundable if the lock is canceled, expires, or the upfront fee is not received at the Academy home office within five business days after the signed and dated Extended Rate Lock Disclosure and Agreement is obtained.

The Extended Lock Option is a guarantee of an interest rate, but is not a commitment to lend. Loans are subject to approval; restrictions apply. This offer is subject to change without notice.

GET IN TOUCH