Rate Locks

We offer rate locks for periods of 15, 30, 45, 60, 90 and 120 days. Refinance transactions may be locked when pre-approval is obtained, usually within hours of making an application and purchase transactions may be locked once you have an accepted offer on a property. You may apply online through our website at any time, and lock in your interest anytime, seven days a week.

Locking

Once you loan application has been pre-approved, you may make a commitment (rate lock) for a 30 day term or longer, or you may elect to begin processing and watch rates (float). Once you lock your rate, you will receive a written lock confirmation by email within hours. By floating and beginning the processing on your loan request, you will soon be in a position to lock in the interest rate for a shorter term, such as 15 days, which is better pricing - the shorter the term of the lock, the better the pricing.

Lock Fees

Trinity does not collect fees for rate locks. However, initial disclosures will be sent to you once you have locked, and included in these forms will be an authorization form to collect by credit card, an amount equal to the cost of the appraisal. These funds will be used to pay for the appraisal of the subject property, and once the appraisal is complete the funds will not be refunded to you in the event that you cancel the transaction.

Lock Expirations

If a delay in processing causes the interest rate to expire, and it is caused by us or a third party service provider selected by us, we will extend the lock for you at no cost. If the delay is caused by you, you will be required to pay for the cost of the lock extension. Delays caused by you could include; late or unreasonsable delays in subordination of an existing second mortgage or home equity line of credit, client delays in supplying supporting documentation or delaying appraisal inspections or document signing appointments.

Lock Extension Costs

If current rates are better within 5 days of rate lock expiration, by any amount, your original rate lock will receive a free 10 calendar day rate lock extension. In the event current rates are worse than the rate you originally locked, you may select the number days to extend at a cost/price of 0.03% basis points per day.

If your loan has not closed by the end of the expiration period you select and the rate lock expires, any further extensions will require that the loan be re-priced at the worse-case scenario between the rate you originally locked and current rates. You may also elect to wait 30 days from the expiration date of your rate lock to take advantage of current market pricing.

Program Change after Rate Lock

You may choose a different program, but you will receive worse-case pricing of either the pricing you originally locked into or the current available pricing. You should carefully consider the different programs and rates being offered before locking.

Re-Locking and Re-Application

You may re-lock, but you will receive worse-case pricing of either the pricing you originally locked into or the current available pricing. If you elect to wait the 30 day period for re-pricing you can re-lock the loan at current pricing.

Lock or Float

Timing interest rate trends is tricky business, and difficult to predict. If current pricing allows for a definitive benefit to your current situation then we would suggest locking to protect that benefit while processing the loan, however if a lower rate than current market is the target interest rate you may elect to float until pricing improves, but realize that you are exposed to high (and lower) rates in the future. Also, the closer you get to the close of escrow while floating will allow you to lock on 15 day terms, which is better pricing than 30 day loack terms.

On purchase transactions, in times of stable interest rates, most of our clients lock when they are within 30 days of closing. Locking for a period longer than 30 days increases pricing costs slightly but is sometimes a good idea if rates are volatile or service turn times become protracted.