Conventional Fixed Rate Mortgages:

PSECU will contact you after your application has been received and reviewed to discuss your rate options (if applicable). Two options are available:

Lock Rate Option - If you choose to "lock" your rate, your loan will be "locked in" at the rate in effect at the time the Loan Representative contacts you. A Locked Rate Confirmation notice will be mailed for you to sign and return. PSECU provides a 60-day rate lock period.  Rates and/or points are based on several factors including but not limited to: property type, loan to value, loan purpose, credit score and subordinate financing. Your rate and/or points may change if any of these factors change prior to settlement. Should this loan request be cancelled for any reason once the rate is locked, you are prohibited from re-applying for a loan with the same property address for 30 days from loan cancellation date.

Float Rate Option - If you choose to "float" your rate at the time of application, your rate will remain "floating" until you contact a Loan Representative and request the rate to be "locked." The rate at which your loan will be "locked in" will be the current rate in effect at the time you contact the Loan Representative. Floating rates must be locked in no later than five (5) business days prior to settlement. Initially, a Floating Rate Confirmation notice will be mailed for you to sign and return. Once you elect to "lock" your floating rate, a Locked Rate Confirmation notice will be mailed for you to sign and return.

Conventional and Jumbo Adjustable Rate Mortgages:

You will receive the lowest ARM rate in effect from the time of application up to the time of final approval.