Rate Lock Information (Purchase and Refinance)

Since mortgage interest rates are subject to change with daily financial market fluctuations, Ent allows you the option of "locking" in the current Ent rate to protect you against an increase during the loan process. You can lock your interest rate at any time during the processing of your loan. The normal rate lock is 60 days for a purchase money loan and 45 days for a refinance loan. A longer rate lock may be available at a negotiated cost.

An interest rate and points can be locked upon Ent's receipt of the following: 

• A completed Ent loan application
• A copy of the signed purchase contract for purchase money loans

Once these requirements have been met, please contact your mortgage loan officer directly, or mortgage lending support at (719) 574-1100, ext 5602, Option 3 to request a rate lock.

Once you have locked your rate:

• The rate and corresponding points are guaranteed up to the expiration of your rate lock agreement. You will receive the rate and corresponding points regardless which way interest rates move. If you choose not to move forward with the loan or do not provide the required fees and documentation within 10 days of the rate lock, Ent cannot guarantee your loan will close prior to the rate lock expiration.  If your loan does not close within the rate lock period, you may be subject to an increase in interest rate or additional fees.
• If you request a change in loan program during the lock period (i.e. 30 Year Fixed Rate to 15 Year Fixed rate), the new loan program is subject to the interest rate and points in effect on the date of the original lock as published by Ent. The original rate lock date and period still apply.
• If the rate lock expires before you close your loan, you will receive the higher of the original locked rate and points or the current rate and points.
• If you would like to break a rate lock because market interest rates have dropped, you will be charged a $500 lock drop fee to receive the lower rate.
• Should you withdraw your loan request, and renew your application within 30 days of the withdrawal date, you will receive the higher of the original locked rate and points or the current rate and points. You can re-lock after 30 days from the withdrawal date at the current rate and points.
• If you change property addresses, a new application will have to be submitted and the locked interest rate will no longer apply.

Floating Rate Option

When you float your interest rate, you are not guaranteed the rate and points quoted at application. You are assuming the risk of interest rates moving up or down. If you choose this option, it is your responsibility to decide when to lock your interest rate and points. You may float your rate up to seven (7) calendar days prior to the scheduled closing. At that time, the loan will be locked at the current interest rates and points using Ent's published rate sheet in effect at that time.

Rate Lock Information (Construction Loans)

Construction loan interest rates can be locked for 60 days upon Ent's receipt of the following:

• A completed Ent loan application
• Job cost breakdown, description of materials and set of plans