Refinance transactions may be locked at the time of loan application. Purchase transactions may be locked once you have an accepted offer on a property.

A $300 Appraisal Fee will be charged to your credit card at the time of lock. These funds are maintained in a trust account and used to pay for your appraisal - a service performed by an independent third party. In the event your loan is declined or withdrawn, any funds remaining after payment of your appraisal cost will be refunded to you.

To lock your rate, you must first complete an online application which takes about 20 minutes. Within 30 seconds of submitting your online application, you will receive on online loan approval. You will then be asked to provide a $300 Appraisal Fee by credit card (Visa or Mastercard). You will receive a Lock Confirmation by email the same day, confirming the program, loan amount, rate, points and fees you have locked in.

1. If rates fall after I've locked, will you lower my rate?
At the time we are ready to draw your loan documents, if our posted rates are at least .25% lower in rate for the same points/rebate that you originally locked into, you will be given the option to floatdown your rate. The new rate will be between your original rate lock and our current posted rates. For example, if you locked in at 6.75% at zero points and our posted rate is 6.50% at zero points, your rate would most likely be 6.625% at zero points.


2. What happens if I switch loan programs or rate and point combinations after I have chosen a program and locked my rate?
You will receive the rate and point combination from the day you locked in or the day you switched programs, whichever is higher. In addition, you will be charged an additional .125 of a point. Therefore, it is important that you carefully consider the different programs and rate and point combinations before locking in a program and interest rate.


3. What happens if my loan process takes longer than my lock period?
   If the delay is caused by AimLoan.com or a third party service provider selected by us, we will extend the lock at no cost. However, if the delay is caused by you, or a third party service provider selected by you, you will be required to pay for the cost of the lock extension. Examples of delays caused by you are incomplete information submitted on your application, requesting subordination of an existing second mortgage, not supplying supporting documentation within three days of our request, delaying appraisal inspections or document signing appointments or other actions that delay the timely processing and funding of your loan.
   
   
   
4. What is the cost of a Lock Extension?
   In the event current rates are better than the rate you originally locked, you will receive a free 7-Day Extension. In the event current rates are worse than the rate you originally locked and you are required to pay for a lock extension (see #3 above), you may select from the following lock extension periods:
   
   7-Days: .125 point extension fee
   15-Days: .250 point extension fee
   30-Days: .500 point extension fee
   
   If your loan has not closed by the end of the extension period you select, any further lock extensions will require that the loan be re-priced at the worse-case scenario between the rate you originally locked (including first extension fee) and current rates.
   
   
5. Can I relock my rate if I withdraw my application and reapply?
   
If you withdraw your application, you may not relock your rate for 60 days after your current lock expires.


6. When is the best time to lock a purchase transaction?
   
In times of stable interest rates, most of our customers lock when they are within 30 days of their close of escrow. Locking for a period longer than 30 days increases the cost of the loan slightly but is sometimes a good idea if rates are volatile. For a 45 day lock there is a .125 point add-on to the points and for a 60 day lock there is .25 point add-on to the points.



7. When is the best time to lock a refinance transaction?
   
If the savings you will achieve with the new lower rate will recapture the closing costs of the loan in a relatively short period of time, you should probably go ahead and lock your rate and close your loan. Trying to time the bottom of an interest rate cycle is tricky and each month you delay costs you in the form of carrying a higher interest rate on your old loan. If rates fall further, you can always refinance again. Our Refinance Savings Calculator will help you with this decision.