Rate Lock Policy

Unlike most lenders who advertise understated costs then surprise you with additional fees due at closing, when you initiate a rate lock with Lookout Loans we guarantee our upfront closing cost quotes will not change once your loan is approved and your rate lock has been confirmed.

Our advanced technology makes it easy for us to approve your loan quickly. In most cases a loan approval will be rendered in just a few hours. A loan advisor will contact you immediately after to discuss your rate lock options.

Lookout Loans does not charge an application fee or deposit to lock in a rate. We simply ask that in consideration of the lender’s action, the borrower agrees to proceed in good faith toward the closing of their loan.

Within 3 business days of submitting your loan application, your Lookout Loans Up-Front Loan Advisor will send you a Loan Estimate (LE), which is a Government-mandated disclosure. If your loan has been locked at that point, the locked rate and loan fees will be shown on the LE. If your loan has not been locked on the date the LE is issued, it is an unlocked price quote. If that price quote differs from the price that is locked, a new LE will be issued that will be consistent with the lock confirmation statement.

Your Lookout Loans Up-Front Loan Advisor will recommend a minimum lock in period to accommodate the time needed to close your loan. This is designed to save you time and money, since most lenders charge higher fees for lock in periods which exceed 30 days. Our advanced technology makes it easier to close your loan quickly, but we also need your help. Gathering pertinent loan documents including but not limited to tax returns, paystubs, bank statements, and signed applications ready to submit to your upfront loan advisor within 48 hours of submitting an application will ensure your loan application is processed as quickly as possible. Failure to do so may result in processing delays and a lock extension penalty.

In the event a rate lock expires prior to funding, the lender will extend it at no cost to the borrower if the lender is primarily responsible for the failure to fund. Ask your Up-Front Loan Advisor for more details.

At the time we are ready to draw your loan documents, if our posted rates are at least .25% lower than the rate you locked (for the same or less points, or the same or more rebate), you may float down your rate to the current rate plus .125%.

Lookout Loans is committed to helping you obtain the mortgage that best fits your needs. In the event you have identified and locked in a loan product, and then later decide another loan product would be a Lookout, we can change it for you. Because loan product prices vary, your total loan cost may increase or decrease depending on your unique loan profile.

The new loan will be locked at the price prevailing on the day of the original lock, or at the current price, whichever is higher.