At the time of completing your loan application, you have the option of locking-in your interest rate.  For a purchase transaction, you have the ability to lock-in your rate as of the first day that you have an accepted contract on a property.  Locking-in a rate involves Hillside Lending, LLC reserving loan funds in your name, in your property address, for a specific loan amount and for a certain number of days.  In order to guarantee the rate that you lock-in, your loan has to close and fund within that set period of time.  Lock-in terms are typically for 15, 30, 45 or 60 days; but in some cases (such as new construction), the interest rate can be locked-in for up to 270 days.   

Much like making a stock purchase order, once the rate has been locked-in, it is irreversible.  If interest rates go up, you are guaranteed the rate that you have locked-in; if rates go down, you still will get the rate that you have locked-in.  You have the option of locking-in your rate with an option to float down if you are concerned about rates going lower.

At the time of loan application you will be given a "Lock-In-Options" disclosure which describes in more detail the lock-in process and the options available to you.

Because mortgage rates vary depending on the lock-in term and the loan amount, interest rates can NOT be locked-in by email or through the internet.  Please call the office to lock-in a rate.