RATE LOCK-INS ARE AVAILABLE MONDAY TO FRIDAY ONLY BETWEEN THE HOURS OF 10:00AM AND 4:00PM. YOUR LOCK-IN INTEREST RATE MAY BE DIFFERENT THAN THE RATE POSTED ON OUR WEBSITE OR OUR TELEPHONE SYSTEM.
IF YOU ELECT NOT TO LOCK-IN YOUR INTEREST RATE BY EXERCISING ONE OF THE OPTIONS NOTED BELOW, YOUR INTEREST RATE WILL BE SUBJECT TO DAILY FLUCTUATION UNTIL 8 DAYS PRIOR TO THE SCHEDULED CLOSING.
Teachers FCU offers a pre-approval mortgage program to members who are considering purchasing a new Home or considering Refinancing an existing mortgage.
Teachers Federal Credit Union offers three rate lock-in options:
Option A:
- Interest rate can be locked in at application for a maximum of 90 days
- This option requires payment of a non-refundable fee in the amount of 1 ½ points
- You must execute a lock-in agreement
- Interest rate buy downs up to ½ of 1% are available. The buy down must take place at the time of an interest rate lock-in. Points are required to be paid at the time a buy down is selected
- This will be the rate you close at regardless of fluctuations up or down in the interest rate prior to a closing date.
Option B:
- Interest rate can be locked in at application for a maximum of 60 days
- This option requires payment of a non-refundable fee in the amount of 1 point
- You must execute a lock-in agreement
- Interest rate buy downs up to ½ of 1% are available. The buy down must take place at the time of an interest rate lock-in. Points are required to be paid at the time a buy down is selected
- This will be the rate you close at regardless of fluctuations up or down in the interest rate prior to a closing date
Option C:
- Interest rate can be locked in for a maximum of 30 days once you have received and accepted our Commitment to make the mortgage loan
- This option requires payment of a non-refundable fee in the amount of ½ point
- You must execute a lock-in agreement
- Interest rate buy downs up to ½ of 1% are available. The buy down must take place at the time of an interest rate lock-in. Points are required to be paid at the time a buy down is selected
- This will be the rate you close at regardless of fluctuations up or down in the interest rate prior to a closing date.
You may go to any branch location to lock-in your interest rate, or you may come to the Farmingville Mortgage Department (second floor). Funds to lock-in must be in your TFCU account at the time of lock-in.
