Interest rate lock?

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  • #62746
    firmeh89
    Member

    At what point of the process do they lock you into an interest rate?

    #62747

    My understanding is that your interest rate locks when you have a P&S Contract

    #62754
    cstar89
    Participant

    I believe it is locked once you receive the loan estimate and click the link stating you wish to proceed.

    #62756
    Peapod0609
    Member

    Yes, once your P&S contract is locked in and processed by your MC is when your interest rate should lock. That means that you will not be effected if NACA’s daily rate goes up or down, you’re locked in. I like to think of it as a “base rate” which can still be effected by buying down your interest rate.

    Your final interest rate will be determined at the bank app submission when any grants, buydowns, seller contributions, etc have been calculated and this will finalize it from there.

    So while your rate could change after the P&S contract, it can’t go up. Only down from grants and buydowns and stuff.

    #62757
    firmeh89
    Member

    Thank you all, my PandS contract was sent over to my MC today, I hope they act fast and get back to me soon, I also emailed my MC. what are my chances of immediate reply?

    #62763
    Nelsont
    Member

    Pretty good. You should receive an email requesting a credit access appointment by the end of the week. If you don’t then take it upon yourself to schedule one.

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