The interest rate market is subject to movements without advance notice. Locking in a rate protects you from the time that your lock is confirmed to the day that your lock period expires.
Rate Lock Agreement
A rate lock is an agreement between you and Mascoma Bank. It specifies the number of days for which a loan’s interest rate and points are guaranteed. Should interest rates rise or fall during that period, your rate won’t change.
When Can I Lock?
After your application is reviewed by one of our loan officers, we’ll discuss rate lock options at that time.
Customers can lock their rate or let it float. If you decide to lock your rate, we’ll collect 1.00% of your loan amount (or a maximum of $1,000). You can also let your rate float. We’ll collect $400 with that option. If the home is a 2-4 family home, we’ll collect $575. These funds will be credited to you at closing. Your loan officer will provide you with the complete details of locking or floating your rate.
Our rate lock is for 50 days. Your loan must close within this time frame.
Your loan officer will provide you confirmation of your rate lock.