Rate Lock-in Policy

Once the borrower has elected to accept (Lock-in) an interest rate and points (if applicable) the rate and points are subject to loan approval and satisfaction of all conditions thereof. Southwestern Mortgage Company agrees to close at such interest rate and points during the rate lock period. If the loan does not close and fund on or before the Expiration Date for any reason, but does close and fund thereafter, Southwestern Mortgage Company will close at its prevailing market interest rate and discount points at the time of closing but no lower than the interest rate and discount points at the time of the initial Lock-in.

The rate Lock-in does not constitute loan approval or a commitment by Southwestern Mortgage Company to close your loan. Southwestern Mortgage Company's performance under the Lock-in is contingent on timely receipt of all paper work necessary to reach a prudent underwriting decision. The Lock-in is also contingent on both applicant and the subject property meeting Southwestern Mortgage Company's underwriting requirements and guidelines.

Please e-mail or call your Loan Officer with any questions. Thank you for considering Southwestern Mortgage Company for your financing needs.