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1 Take advantage of a free, automatic, interest rate lock-in at the time you apply for a first mortgage plus a guarantee of closing at the lowest rate offered during the 60 or 90 day lock-in period you select for the loan program of your choice. For a 90 day lock-in, one-eighth of one percent (1/8%) will be added to the prevailing interest rate; the rate you select after choosing the 90 day lock-in will already include this 1/8% increase. This "lowest rate guarantee" includes rates offered from your application date up to five (5) business days prior to the date of closing. "Date of application" is determined by the date you submit your on-line first mortgage application. Interest rates for mortgage pre-approvals cannot be locked-in. You may choose not to lock-in your interest rate at time of application and lock your rate at a later date for 60 or 90 days. In this instance, you will pay a refundable lock-in fee of one-half of one percent (1/2%) of your mortgage amount or $500, whichever is higher. This fee will be refunded at the time you close your loan with Affinity or if the Credit Union denies your application. If your loan does not close within the lock-in period through no fault of the Credit Union, the Credit Union will, at its discretion, close your loan at the higher of the locked-in rate or the prevailing market rate five (5) business days prior to closing. If you choose not to lock-in your interest rate at anytime prior to the closing of your loan the Credit Union will close your loan at the prevailing market rate (5) business days prior to closing.<
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