Since mortgage interest rates are constantly changing, we offer the option of "locking-in" a current ABECU and American Eagle Credit Union rate to protect you against an increase during the loan process.  Once your loan rate is locked, you will receive this rate and the discount points you requested, no matter which way rates move, provided the loan closes prior to the expiration date of the rate lock.  This means that the loan amount you qualify for today will still be the same when the loan closes.

You can lock-in an interest rate and discount points if you:

• Submit a completed ABECU and American Eagle Credit Union loan application, and the loan is approved.
• Pay the required prepaid application deposit of $250.00 to cover the cost of the credit report and property review items.  This deposit will be credited toward your closing costs.
• Are purchasing a home and you provide us with a fully executed purchase agreement on the property you want to buy.
• Ensure that funds are available in your credit union account for the $250.00 fee towards your credit and property review items.
  

Once these requirements are met, contact us in person or by telephone at 1-800-325-9905 or 314-771-7700 ext 753, 756, 757 or 758 to request a rate lock.  Selecting an interest rate during the application process does not lock your interest rate.  You must contact an ABECU mortgage loan representative in person or telephone to lock your rate.  No rate lock requests will be accepted via email or by voice mail.

Lock Options:

ABECU and American Eagle Credit Union Standard Lock:

The interest rate can be locked for periods of 30, 45, 60 or 90 days.  Locks longer than 30 days will have slightly higher discount points and/or rate.

You can choose to "float" your rate initially.  Your loan rate is not guaranteed until you've completed the requirements stated above and you've executed a Rate Lock Agreement form.  You may "float" your rate up until 10 days prior to closing if you choose.

Remember that locking your loan is your responsibility.  When you decide on the interest rate and discount points for your loan, give us a call and speak with a loan counselor who will place your rate lock-in and *guarantee the rate and points for your closing date.  We will also provide you with a written lock confirmation showing you the interest rate and points your loan was locked in at.

*Interest rate will be guaranteed provided members provide ABECU and American Eagle Credit Union with all documentation and requested information to satisfy all loan approval conditions in a timely manner in order to allow ABECU and American Eagle Credit Union adequate time to process and fund the loan within the lock period.  If your lock-in period expires prior to settlement, you will be offered a new interest rate and point lock-in at ABECU and American Eagle Credit Unions prevailing loan terms.