Interest rate lock?

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


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


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


    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.


    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?


    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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