Rate Lock Policy
Since mortgage rates are subject to change on a daily basis, we offer a rate-lock policy on your loan that protects you against rising interest rates during your loan processing stage. Once you have met the requirements, your loan rate is locked for 45 days, and you will receive the rate as of that date or the rate the date the closing documents are prepared (at least 7 days in advance of your actual closing date); whichever is lower.
You have met the requirements for the rate lock and can lock-in your interest rate for 45-days if you:
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Authorize the collection of the required appraisal fee of $350.00
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Submit a completed SSFCU mortgage application.
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Submit a real estate purchase contract or construction sales contract for the property you wish to purchase, if applicable.
End Loans (Builder financed new home purchase)
The rate will be locked when you have authorized the collection of the required appraisal fee of $350.00 and we have received a valid, signed, construction sales contract.
The rate will be locked for a period of 8 months.
When the loan is activated by the member to proceed with the processing, (usually 30 to 60 days before the house is granted a certificate of occupancy) the rate on that date will be reviewed again. If the rate on the date of activation is lower than the current locked rate on the loan, we will re-lock the loan with the lower rate. If the rate is lower the date the closing package is prepared, the member will be granted the lower rate.
If you have additional questions please contact us at 1-800-999-5887 ext.86391 or 813-621-7511 ext. 86391. If you would like to be notified via e-mail when the rates reach your desired percentage, please refer to "Rate Tracker" in this section.
