When you 'lock-in' your mortgage rate, Star Loan Services is
legally committed to providing you a mortgage with a specific
interest rate. Lock-ins are usually for 30, 45, 60 or more days. We
will guarantee that we close your loan on or before the end date of
your lock-in period.
'Locking-in' is a rate guarantee!
A lock-in rate ensures that you receive your loan at the agreed-upon
interest rate, even if interest rates rise. However, even if the
mortgage rates decline, you are still obligated to pay your lock-in
What type of home loans can I lock-in?
You can lock-in any type of first or second mortgage for
home equity loans!
When should I lock-in my home mortgage interest rate?
You need to use some good judgment when determining
when the best time to lock-in is.
Interest rates change every day. It is important to lock-in. However,
there is no need to rush if you are not sure when you want to close
your mortgage loan. Mortgage rates are still very low. Therefore it
is likely that you will be able to receive a desirable rate even if
you don't lock in immediately.
Is there any charge to lock-in?
Star Loan Services charges no fee to lock-in for 60 days or less.
What happens if I don't close my loan in time?
We can extend your rate lock for an additional thirty days or
more if you can not close your mortgage before your lock-in period
ends. However, it is typical for all mortgage companies to charge a
fee when extending lock-in periods. The fee is minimal, usually only
1/4 point per each additional 30 days (otherwise known as 1/4% of
your loan). So, please analyze your situation and determine when the
best time for you to lock-in is.
Star Loan Services offers a 'float down'!
A 'float down' allows you the option to grab a lower interest
rate within 30 days of closing. This is great because you can obtain
a lower interest rate than when you lock-in! You can only choose to
utilize the float down once during your lock-in period. So, use it
We will help you!
Star Loan Services will assist you with when determining when a
good time to lock-in your interest rate is. We will also help you
determine when taking advantage of the 'float down' is appropriate.