All interest rate lock requests are subject to a Rate Lock Confirmation. You will receive your Rate Lock Confirmation within 24 hours of requesting your rate lock, via email. The interest rate and point lock is only guaranteed when we receive a signed acceptance from you.
Texas Trust Home Loans does not charge an additional fee for the Rate Lock Confirmation. However, Texas Trust Home Loans does require an upfront payment between $450.00 to $1000.00 (depending on the property type and location) for the cost of the appraisal and the credit report. The credit report and appraisal report costs are not refundable.
If you choose a different program or rate and decide to change your loan terms after you have locked, you will receive worst-case pricing of either your original locked price or the current available pricing. Additionally, your rate will increase by an extra 0.125%. So, please carefully consider your selected rate and loan program.
Texas Trust Home Loans offers a free float-down option. If our published rates are AT LEAST 0.375% lower (for the same or lower total lender points or lender fees and credit) than your originally locked rate, you may float down your rate at the time your closing documents are ready to be drawn. The new rate will be the rate that is posted on our website for the same or lower TOTAL lender points and fees or a rebate plus 0.125% in rate.
The float-down option is only applicable to the interest rate and not to the interest rate as well as the points or credit. Your points and lender credits will remain the same as your original loan terms.
The float-down option is only available on original rate locks and is not available on expired or extended rate locks.
The float-down option is only available on fixed rate mortgages with loan amounts up to $424,100, and is not available on mortgages above $424,100 or any adjustable rate mortgages (ARMs).
A rate lock is a lender’s guarantee that the rate you have selected is protected against rate fluctuations in the marketplace for a specified period of time. Texas Trust Home Loans takes it a step further and locks in, not only the interest rate, but also your closing fees. This lock period will have an expiration date based on the lock term that you selected.
You can lock-in your rate once you have completed the loan application, we have verified income and asset documentation. Certain loan scenarios may require an appraisal report to be received and reviewed prior to locking in your rate. You can request the rate lock period based on your close of escrow date. Texas Trust Home Loans offers 30-day or 45-day lock periods. Refinance transactions, which require subordination agreements, may require approved subordinations from the junior lien holder prior to the rate being locked.
Texas Trust Home Loans does offer a free float-down option. However, it is best to lock in your rate as soon as you are pre-approved because it is difficult to predict the direction of interest rates.
Please contact your loan consultant to lock-in your rate. Your loan must have been preapproved with the full appraisal report prior to locking in your rate.
The note rate (interest rate) is used to calculate your principal and interest (or interest only) payment each month. The APR (Annual Percentage Rate) is a calculation based on standardized federal regulations. In addition to the interest rate, the APR factors in other finance charges such as, certain loan fees, and mortgage insurance premiums, if applicable, to show the total cost of financing over the scheduled life of the loan. The APR is designed to help borrowers fairly compare different lenders and loan options.
Please note that the loan amount will influence the APR calculation, with higher loan amounts reporting a lower APR. To get a true comparison, the same loan amount must be used. Lenders, like Texas Trust Home Loans, allow you to input your loan parameters into their websites, which, generally, calculates an accurate APR. Beware of lenders that just display a rate chart on their website. These websites are reporting an APR for a set loan amount and your APR may be different.