Lock in Rate
A Rate That Follows You Home
For homes that are here today and sold tomorrow, protect your rate with FlexiRateTM
Still looking for the perfect house? BCU’s FlexiRate protects your mortgage rate, moving with you from property to property while you house hunt. FlexiRate easily transfers from one property to the next. If rates decrease during this time, you will receive a one-time float down1, to ensure you get the best rate available.
Here's How it Works:
Choose Your Loan
Apply for one of our personalized home loan products and get pre-approved2.
Enjoy Flexible Options
Select a timeframe that works best for you:
- 90-day rate lock3
- 120-day rate lock4
Get the Best Rate
Rates go lower than what you locked in? Receive a one-time float down to the current market rate at no additional cost.
"Protecting your pre-approved mortgage with a rate lock prior to finding a property can save you time, help you compete with cash offers and give you peace of mind throughout the house shopping experience. If rates dip, we can 'float down' your pre-approved rate to the current lower rate, saving you money in the process."
Erman Ramos, Regional Manager, Retail Mortgage Sales
Looking for more information? We'd love to hear from you.
Our dedicated home loan experts are here for you every step of the way. See if you qualify today!
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Disclosure
1. If mortgage interest rates fall after you submit a fully executed purchase agreement to BCU containing the full legal address and purchase price of the home, you may exercise one interest rate float down with no charge. The one-time free interest rate float down applies to the FlexiRate program only. The interest rate float down must be exercised before your Interest Rate Lock expires and no later than fifteen (15) calendar days prior to the loan closing date.
2. BCU will preapprove you for the Preapproved Maximum Loan Amount. Your final loan amount shall not exceed the Preapproved Maximum Loan Amount. Unless extended by BCU, the Preapproved Maximum Loan Amount shall expire at the end of the Interest Rate Lock period. Your final loan approval will be subject to your submission of a completed loan application (information you have already provided plus a purchase contract with property address and purchase price), verification of current income, employment and assets, a satisfactory appraisal of the subject property, a preliminary title report, and any additional documentation as determined by BCU’s underwriters.
3. You must complete and submit a loan application with a purchase contract containing the full legal address and purchase price of the home no later than sixty (60) days after the FlexiRateTM Agreement Start Date. If you do not do so, your Interest Rate Lock will expire. Your Interest Rate Lock will also expire ninety (90) days after the FlexiRate Agreement Start Date if your loan is not closed and funded on or before that date. BCU may also terminate this FlexiRate Agreement if the purchase contract requires you to borrow more than the Preapproved Maximum Loan Amount. BCU will not charge you a fee for the initial Interest Rate Lock. Other closing fees will apply, including an appraisal fee, and will be disclosed upon submission of the completed loan application. If your loan is not closed and funded within ninety (90) days after the FlexiRate Agreement Start Date, and you desire to continue with the loan, the Interest Rate Lock provided under this FlexiRate Agreement will expire and your interest rate will be subject to change. Any new rate lock request or extension will be subject to BCU’s approval and may incur a rate lock fee that will apply to the new or extended period.
4. You must complete and submit a loan application with a purchase contract containing the full legal address and purchase price of the home no later than ninety (90) days after the FlexiRate Agreement Start Date. If you do not do so, your Interest Rate Lock will expire. Your Interest Rate Lock will also expire one hundred twenty (120) days after the FlexiRate Agreement Start Date if your loan is not closed and funded on or before that date. BCU may also terminate this FlexiRate Agreement if the purchase contract requires you to borrow more than the Preapproved Maximum Loan Amount. BCU will not charge you a fee for the initial Interest Rate Lock. Other closing fees will apply, including an appraisal fee, and will be disclosed upon submission of the completed loan application. If your loan is not closed and funded within one hundred twenty (120) days after the FlexiRate Agreement Start Date, and you desire to continue with the loan, the Interest Rate Lock provided under this FlexiRate Agreement will expire and your interest rate will be subject to change. Any new rate lock request or extension will be subject to BCU’s approval and may incur a rate lock fee that will apply to the new or extended period.