The Early Rate-Lock Option eliminates interest rate risk
early in the mortgage approval process.
Advantages of our Early Rate-Lock Option include:
Early Rate-Lock delivery can offer peace-of-mind
if you are concerned about market volatility.
Early Rate-Lock empowers you to choose when to lock
the interest rate.
The cost savings realized with an Early Rate-Lock
execution can be significant when interest rates and/or interest rate spreads
are rising.
Eligible Mortgages
Conventional mortgages and second mortgages are eligible
for Early Rate-Lock delivery.
How it Works
Preliminary Underwriting: A preliminary underwriting package
is reviewed by Loan Committee, along with a written request of an Early Rate-Lock
delivery.
Early Rate-Lock Application: If the mortgage presented meets the requirements
of the selected mortgage program and the Early Rate-Lock option, proposed loan
terms and conditions will be provided to the Borrower. An Early Rate-Lock Application
based on specified terms and conditions will be provided to the Borrower, once
the Application has been accepted and the applicable deposits have been received
by Sierra Capital Partners.
Full Underwriting: A full underwriting package must be completed within 45 days
of the rate-lock date.
Closing: Within 30 days of completion and acceptance of the full underwriting
package.
