RATE LOCK-INS ARE AVAILABLE MONDAY TO FRIDAY ONLY BETWEEN THE HOURS OF 10:00AM AND 4:00PM. YOUR LOCK-IN INTEREST RATE MAY BE DIFFERENT THAN THE RATE POSTED ON OUR WEBSITE OR OUR TELEPHONE SYSTEM.
IF YOU ELECT NOT TO LOCK-IN YOUR INTEREST RATE BY EXERCISING ONE OF THE OPTIONS NOTED BELOW, YOUR INTEREST RATE WILL BE SUBJECT TO DAILY FLUCTUATION UNTIL 48 HOURS PRIOR TO THE SCHEDULED CLOSING.
Teachers FCU offers a pre-approval mortgage program to members who are considering purchasing a new Home or considering Refinancing an existing mortgage.
Teachers Federal Credit Union offers three rate lock-in options:
Option A:
- Interest rate can be locked in at application for a maximum of 90 days
- This option requires payment of a non-refundable fee in the amount of 1 ½ points
- You must execute a lock-in agreement
- Interest rate buy downs up to ½ of 1% are available. The buy down must take place at the time of an interest rate lock-in. Points are required to be paid at the time a buy down is selected
- This will be the rate you close at regardless of fluctuations up or down in the interest rate prior to a closing date.
Option B:
- Interest rate can be locked in at application for a maximum of 60 days
- This option requires payment of a non-refundable fee in the amount of 1 point
- You must execute a lock-in agreement
- Interest rate buy downs up to ½ of 1% are available. The buy down must take place at the time of an interest rate lock-in. Points are required to be paid at the time a buy down is selected
- This will be the rate you close at regardless of fluctuations up or down in the interest rate prior to a closing date
Option C:
- Interest rate can be locked in for a maximum of 30 days once you have received and accepted our Commitment to make the mortgage loan
- This option requires payment of a non-refundable fee in the amount of ½ point
- You must execute a lock-in agreement
- Interest rate buy downs up to ½ of 1% are available. The buy down must take place at the time of an interest rate lock-in. Points are required to be paid at the time a buy down is selected
- This will be the rate you close at regardless of fluctuations up or down in the interest rate prior to a closing date.
You may go to any branch location to lock-in your interest rate, or you may come to the Farmingville Mortgage Department (second floor). Funds to lock-in must be in your TFCU account at the time of lock-in.
