CONFORMING LOANS |
| • Your interest rate maybe locked
in for 10 calendar days for free. If the loan is not closed on or
before the end of the 10th calendar day, your rate will float with
the market until an extended lock is done or until your loan is closed.
Please note that after the 10th calendar day, depending on market
movement, your new rate may be higher then the original locked rate.
The new rate will not be lower then the original locked rate.
• You may lock your rate in for 60 calendar days at a cost
of $450.00. Unlike some other mortgage lenders, Mortgage Loans of
America, LLC does not increase your interest rate for the extended
lock in period. If your loan does not close within the rate lock
period your interest rate will float with the market. Please note
that after the 60th calendar day, depending on market movement,
your new rate may be higher then the original locked rate. The new
rate will not be lower then the original locked-in rate.
• The lock in fee must be received within 48 hours of the
day you lock your loan in. If the fee is not received within the
48 hour period, your interest rate will float with the market. |
| PLATINUM LOANS |
| • You may lock your rate in for 45
calendar days at a cost of $450.00. If your loan does not close within
the rate lock period your interest rate will float with the market.
Please note that after the 45th calendar day, depending on market
movement, your new rate may be higher then the original locked rate.
The new rate will not be lower then the original locked rate. |
| GOLD LOANS |
| • You may lock your rate in for 35
calendar days at a cost of $450.00. If your loan does not close within
the rate lock period your interest rate will float with the market.
Please note that after the 35th calendar day, depending on market
movement, your new rate may be higher then the original locked rate.
The new rate will not be lower then the original locked rate. |
| EXTENDED LOCK FEE POLICY |
• Your lock-in fee will be 100% credited
back to you at the time of loan closing.
• If you cancel your loan with Mortgage Loans of America, LLC
your lock in fee will be forfeited.
• If your loan is cancelled by Mortgage Loans of America, LLC
due to lack of credit or income qualification, your loan lock in fee
minus $15.00 for the credit report will be fully refunded to you within
72 hours of the loan cancellation.
|
|
