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rate lock policy
loanhomecenter.com's rate lock policy protects you against market fluctuations by guaranteeing your interest rate and loan terms for a specific period of time after you submit a lock request to loanhomecenter.com and receive confirmation of the rate lock. after you submit a rate lock request and any lock deposit required, loanhomecenter.com will issue you a lock-in disclosure agreement which specifies the interest rate, lock period, and terms of the lock.
even after loanhomecenter.com locks in your interest rate and truecost closing cost on your loan, your loan is not guaranteed to close. loan home center must verify property value, property conditions, mortgage insurance (if applicable), clear title, and certain other information that may be requested to evaluate your ability and willingness to meet credit obligations. the lock-in fee will be refunded to you if after review of documentation and verification of certain factors results in your not meeting underwriting and eligibility requirements.
in the event that your loan fails to close within the specified lock-in period, loanhomecenter.com is under no obligation to extend such period to close the loan on the original rate and terms of the loan. loan home center does not warrant the lock-in period against any delays in processing or against any delays caused by third party service providers or by the consumer. if the rate lock expires before the close of the loan, loan home center will issue a new rate lock for a new period of time based on then current market conditions or the original locked-in rate - whichever is higher.
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