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| RATE LOCK POLICY |
Mortgage Capital Associates, Inc., dba mtgcapital.com offers 30 day rate locks on most of its loan programs.
Mortgage Capital Associates, Inc.’s standard loan processing time usually accommodates the rate lock period.
Longer rate lock peiords are available at a cost to the borrower but must be reserved only at the time of the
initial rate lock request. Mortgage Capital Associates, Inc. may require a rate lock deposit in such instances.
RATE LOCK DEPOSIT:
A rate lock deposit will be required with certain transactions. This deposit if non-refundable and will be applied
against the closing costs related to the loan at the time your transaction closes. If you elect to cancel your
transaction your deposit will be forfeited.
PROCESSING DELAYS:
There may be instances when the processing of your loan may exceed the lock period. Generally, this can be
attributed but not limited to market conditions, subordination requests, title issues, appraisal backlog or value
problems, credit issues and the failure to provide all required supporting documents within 24 hours of the
request. In such instances your rate lock could expire before the processing is completed. Should this occur
your new rate will be based on prevailing market conditions at that time, (certain restrictions may apply).
Mortgage Capital Associates, Inc. and its subsidiaries will not be liable for any delays based on any of the
delays referenced above.
CANCELLATIONS:
- If a borrower cancels his/her loan and a rate lock deposit was collected, this deposit will be forfeited.
- If a purchase transaction is not completed, the borrower may reapply immediately.
- If a refinance the borrower may reapply 30 daysfrom the date of expiration of the rate lock.
Please be advised that all rate locks are conditioned upon you providing any and all documents required by
Mortgage Capital Associates, Inc. In the event that such information is not provided or is not as previously
represented on your loan application, you agree that such rate locks and loan programs may be subject to
change.
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