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Rate Lock Request
Complete this action to request an interest rate lock on your HUECU loan. Please contact your loan originator should you have any questions
Please note. This rate lock does not guarantee that the application will be approved.
Rate Lock Fee: $1,000.00
Harvard University Employees Credit Union agrees to rate lock for the mutually agreed mortgage amount at the interest rate and/or points for the specific period of time, providing that all borrowers and property meet all of our underwriting and legal requirements. This include but is not limited to the following:
Prompt submission of any additional documentation as requested to fulfill HUECU underwriting requirements, including prompt resolution of any conditions that are issued with commitment.
Payment of $1,000.00, in consideration for HUECU locking the rate and terms, will be credited towards closing cost. This payment needs to be made in two business days from the date of the rate lock. If the loan application is denied by HUECU this payment will be refunded; unless the denial of is due to your failure to fully cooperate in providing necessary information for HUECU to either render an approval or to close the loan, in which case this payment will not be refunded. In all other cases, including your withdrawal for any reason, this deposit will not be refunded.
If the loan closing is delayed beyond the rate lock period for any reason (including, but not limited to borrower(s)’ delay, and/or problems with the title examination, and/or changes in terms). This rate lock will expire. The Borrower and the Credit Union shall enter into a new agreement at this time. Any new terms set with the HUECU may be at the original rate and points, higher, or lower. Delaying the closing of the loan will not result in lower rates, points, or other terms (more favorable) than those that were originally agreed upon. The agreement about the rate lock does not constitute a loan approval or loan commitment. HUECU will not close the loan unless all conditions are satisfied prior to closing.
The locked rate may change upon review of appraisal, credit report, and all verified documentation requested.
I/we acknowledge and accept the above choices, rate, terms, and conditions. I (we) further acknowledge that we are making this rate lock decision entirely on our own and are not relying on any recommendations by employees or officers of HUECU. I/we further acknowledge that the application fee submitted with my application is not refundable under any circumstances. No part of this agreement may be transferred or assigned. I/we agree that a copy or other facsimile of this form is acceptable as an original, even though it may not have original signature. This agreement supersedes previous rate lick choices (if any)
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