I agree to pay Austin First Mortgage (AFM) a $395 rate lock fee at the time of locking a rate. I have received a Good Faith Estimate, expressed my/our Intend to Proceed with this loan and accept the rate and closing costs. I have read the rate lock fee policies below and agree to all terms.  We accept Paypal, Visa, Mastercard and Discover.  We do not accept American Express.

After submission, please call or send an email to your loan originator to confirm the receipt of your rate lock request. For Purchase, please email a copy of your purchase contract.

All loan applications are subject to underwriting approval. The rate lock fee is prepaid at the time of the rate lock. The rate lock fee is 100% refundable unless you cancel your lock or loan, or fail to provide any and all needed information, conditions and documents within 48 hours of any request, or you fail to meet with the appraiser which results in your loan not closing within the lock period; in these cases you will forfeit the $395 rate lock fee, unless other written arrangements have previously been made with your loan originator. In the case where you fail to close on time, you may also have to then pay for any rate extension fees.

A locked rate is just that, LOCKED. Rates may go up after you lock, and rates may go down after you lock, but your rate is the rate you locked at. Should rates go down and you want to re‐lock, you will forfeit your original rate lock fee and incur a new rate lock fee of $395.00 to lock in the new rate you want. In the rare case where the rates drop by .25 or more and your loan is 'cleared to close', then in some cases, the lender may agree to decrease your rate by .125, but this is not guaranteed, it is up to the lender. So understand that once you lock your rate, it is locked, not open to change without an additional lock fee and new rate lock form.
AFM offers very low rates. To offer these rates we must close on‐time. The $395 rate lock cancellation fee policy is in place to ensure that the customers that we lock‐in are committed to closing the loan on time, and to avoid from having the client pay rate extension fees.

Until the borrower(s) receives a lock confirmation in writing, the rate may not be locked yet. The rate lock confirmation is the updated GFE showing the locked available rate. That GFE also shows the lock expiration date. Loans must be funded by the lock expiration date.

Prior to AFM processing your rate lock, we must review your income and asset documentation. In some situations it
may also be necessary to complete your appraisal prior to locking your rate. Though we always do our best, it is possible that we may not be able to lock the desired rate as market conditions can change rapidly, technology issues sometimes interfere, or other reasons occur beyond our control. In these instances, AFM will not charge a rate lock fee, but also we accept no liability and are not responsible for the borrower’s direct or indirect loss, perceived or real.

By submitting this form, I/WE ACKNOWLEDGE, FULLY UNDERSTAND, AND AGREE TO THIS LOCK AGREEMENT AND RATE LOCK FEE REFUND POLICY.