Extended Rate Lock

Extended Rate Lock

Fairway’s Extended Lock Program is offered for Conventional fixed-rate products for new construction loans!

Fairway's Extended Lock Program allows borrowers to lock an interest rate for a period of up to 360 days with a rate adjustment and requires an up-front refundable fee at the time of rate lock for new construction loans. It also has a float down option. Below are some highlights of the program:

Up-Front Refundable Fee
A 1 point up-front refundable fee is required for lock periods of 120,180, 270, or 360 days. This will be collected from the borrower at the time of lock.
  • The up-front fee is refundable at closing.
  • The up-front fee is not refundable if withdrawn, canceled, or changed to a product that is not eligible under the extended lock program. 
Float Down Option
  • The borrower may exercise a one-time float-down option to reduce the locked interest rate within 30 days of closing if market rates improve during the lock period. 
  • Float down rate is based on current 60-day pricing.
Note: Additional requirements will need to be met in NY, MA, and MO.

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Lynn is always my go-to recommendation for my clients when they ask what lender I prefer to work with. Her entire team is extremely communicative and knowledgeable. I used Lynn personally for my first home purchase and the transaction was as smooth as possible. It is clear that Lynn's knowledge in the industry is infinite and she is able to provide a high class service to any client.

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