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  • The up-front fee is not refundable if withdrawn, canceled, or changed to a product that is not eligible under the extended lock program.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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