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 periods 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.


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.


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.

  1. If a borrower cancels his/her loan and a rate lock deposit was collected, this deposit will be forfeited.
  2. If a purchase transaction is not completed, the borrower may reapply immediately.
  3. If a refinance, the borrower may reapply 30 days from 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.