Lock and Build Program
Residential lock and build program
If you are looking to build a new home, our Lock and Build program offers great options for you. The extended interest rate lock option provides flexibility when constructing a new home.
If you haven’t found the perfect house yet, maybe it’s time to think about building our own. With our Lock and Build program, you can lock in an interest rate for up to 270 days while you home is being built.
With the Lock and Build program, we allow one rate drop within 45 days of the lock expiration if market rates go down or when the home is completed, whichever comes first.
In addition to the calculated monthly payments, annual percentage rate (APR) offers a good apples-to-apples comparison between loans. APR takes into account the varying discount points, closing costs and fees that are typically added into the loan amount and financed over the term of the loan. If the fees are paid "out-of-pocket" then the APR will be the same as the stated interest rate. Use this loan comparison calculator to help determine the best loan option for you.
Apply with our online application. It walks you through the process and allows you to submit documents securely using your phone, tablet or computer. You also get 24/7 access to your loan in progress and a direct line of communication with your loan officer to make sure your loan stays on track for closing!
After your application is completed, your mortgage banker will contact you to answer any questions you may have and request items if they need additional documentation.
Once everything is finalized, we'll send you the application package. This package will contain papers for you to sign and a list of items we'll need to verify the information you provided about your finances during the online application.
We'll also order an appraisal from a licensed appraiser who is familiar with home values in your area.
You'll also need to obtain title insurance. If you are purchasing a new home, we'll work with the real estate broker or seller to ensure the title work is ordered as soon as possible. If you are refinancing, we'll take care of ordering the title work for you.
After we receive all your paperwork — your application package, the appraisal and the title work — we'll contact you to schedule your loan closing. If you are purchasing a home, we'll also schedule the closing with the real estate broker and the seller.
The closing will take place at the office of a title company or attorney in your area who will act as our agent. A few days before closing your Mortgage Banker will contact you to walk through the final information.