A lock is an agreement between the borrower and the lender
that guarantees an interest rate will be available for a set period of
time. During this time period if interest rates increase CRMbs will
honor the lower rate, but if the interest rates decrease the borrower must
honor the original rate. CRMbs cannot renegotiate locks. Therefore
we recommend that you watch the market and carefully consider the best time
to lock your loan.
How
It Works
You will be able to lock your loan once we have reviewed your
application. A CRMbs Advisor will contact you and explain to you the
details of locking your loan. Lock periods are 30, 45, 60, 75 and 90 days
in length. Your loan must fund within the time period that is established.
