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Rate Lock Policy
 
Rate Lock Hours

You must be eligible to request a lock per our written policy stated here in our website. Lock requests will be accepted from the time we post rates on our website until 4:00 PM PST/PDT Monday through Friday, excluding holidays. No locks will be accepted on holidays. Please call 800-724-0004 or email us with specific requests. Please use email communications during non-working hours.
What We Require
In order to be eligible to lock a loan, we must acknowledge and be in receipt of a complete application sent from our secure website, a rate lock agreement signed by the borrower, and all of the initial required documents itemized in the Required Documents section of our website. Unlike most companies, we do not require that you be approved in order to lock in an interest rate with the exception of a 15-day rate lock. On a purchase transaction, we do require that you show proof that you have a home under contract. 15 day locks require full loan approval and a clearance and satisfaction of all outstanding conditions, and a fee equal to the applicable administration fee.  For 15-day rate locks, borrowers need to be aware that they bear the risk that the market will deteriorate between the time they apply and the date they become eligible to lock.
Float Down Policy

American Interbanc will consider requests by borrowers to "Float Down" certain locked loans prior to the expiration of the lock or the funding of the loan, whichever is earlier, subject to the terms in this policy.  The term "Float Down" means and refers to a borrower's desire to take advantage of improvements in the market and renegotiate better loan terms than those to which the borrower previously committed at the time he or she executed a rate lock agreement.  A "Float Down" is available only on a one-time basis per loan and only for fully approved loans with all conditions satisfied.  "Float Downs" are not available for adjustable rate mortgages, and American Interbanc reserves the right to decline to agree to a "Float Down" at its discretion.  Any borrower desiring to negotiate a "Float Down" on an eligible mortgage loan shall be subject to the following, an additional fee:  $500.00 or .5% point (based on loan amount), whichever is greater.  A borrower with a 30-day lock may only "Float Down" to current 30-day pricing, and a borrower with a 15-day lock may only "Float Down" to current 15-day pricing. A "Float Down" shall not extend the original expiration date of the initial lock period.  All extension costs associated with a "Float Down" shall be paid by the borrower. Float downs are not available in NJ.

Losing Your Lock/Failure To Comply
American Interbanc reserves the right to cancel or modify the duration of a rate lock for the following reasons:
  1. If at any time the borrower has not provided any documents we have requested within 48 hours of our request.
  2. If at any time the borrower has delayed the process by failing to comply with appointments.
Confirmation of Lock
Lock requests are executed immediately upon receipt. The borrower should consider his lock confirmed only upon receipt of a letter signed by an authorized representative of American Interbanc Mortgage, LLC.
Volatile Market Conditions
American Interbanc reserves the right to suspend lock requests on any business day that market conditions prohibit our ability to execute a lock.

 

American Interbanc Mortgage, LLC
1 Park Plaza, Suite 100
Irvine, CA 92614
Toll Free: 800-724-0004
Fax: 714-957-9433
E-mail: info@americaninterbanc.com
Copyright © 1998 American Interbanc Mortgage, LLC

 

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