Lock-in Your Rate

What does it mean to lock-in a rate?

If you lock a rate and interest rates rise during that period, we are obligated to honor the locked rate. However, should interest rates fall during that same period, you are committed to the rate you locked-in.

If you float the rate (don’t lock-in), the rate in effect 8 business days prior to your closing will be the rate at which the loan is based.

Important Note:
Because our loans are committed into a secondary market transaction, once you have locked your rate, we are unable to renegotiate rate lock commitments. Once we have accepted your locked rate, if your loan does not close after it is committed or if you would like to make changes to your loan such as term, program, product, or if the rates have fallen and you would like the lower rate, GTE Financial will price out the cost of the change(s) and provide those costs to the applicant during normal business hours from Monday through Friday, between 9am and 5pm (excluding holidays).

As the time period in processing your loan may be subject to parties in which GTE Financial has no control, we will make every effort but cannot guarantee that your loan will close within the rate lock period. Delays may include, but are not limited to: delays in the receipt of items provided by third parties such as appraisals, payoff statements, title issues, credit verifications, subordination requests, or your inability to provide requested documentation. In the event that the rate lock expires, the rate lock period may be extended for 15 days for a non-refundable fee of $250. (Note: some exceptions will be made on FHA loans.)

Can I lock-in a rate for a Fixed or an Adjustable Rate home loan?

Yes. The rate lock-in option is available for fixed and adjustable rate loans.

Is there a rate lock fee?

No! We offer you the chance to lock in your rate without a fee. 

How long is the rate lock good for?

The lock fee is good for 60 days, giving you 60 days to close on your home loan at the rate you locked in.

What if the rate lock expires?

If the loan doesn’t close within a 60 day time frame and the rate lock expires, you have the option to:

  • Float the rate and receive the higher of either the previously locked rate or the rate that is in effect 8 days prior to closing, or
  • Extend the rate lock another 15 days for an additional non-refundable fee of $250.
How do I lock-in a rate? Steps

To lock-in an interest rate, you will first need to complete the following steps:

  1. Complete a GTE Financial mortgage application and receive an approval.

    APPLY ONLINE Locations 1.888.871.2690 ext. 40407

  2. Become a member of GTE Financial. If you already have your mortgage with GTE Financial, you are already a member!
     
    Not a member? Join Today!
  3. Provide requested income documents for review.
  4. If the loan is to buy a new house, you will need to provide GTE Financial with a fully executed sales contract signed by all parties prior to your rate lock.
  5. If you decide to lock-in a rate, please contact your GTE Financial Mortgage Specialist or call our Rate Lock Desk at extension 40422 Monday through Friday, between 9am and 5pm EST (excluding holidays).