In today’s mortgage market getting the best rate for our clients is very important to all of us here at America's Mortgage Choice. When you make the decision to apply for a loan with AMC our team sets to work to ensure you get the rate that you were promised by your AMC Loan Officer as quickly and professionally as possible. If you are applying for a loan with a target rate AMC will ask you for a “rate lock fee” at such time as the market makes your interest rate available.

This program is designed to help you as a consumer. At America's Mortgage Choice, we are happy to watch the market for you to help you win your target interest rate. This allows you to get an interest rate commitment from one of our preferred lenders and start the process without worry that the market may move rates higher before you get the paperwork into our office. Throughout 2008 interest rates changed during the business day over 50% of the time, so this option could protect your interest rate and expedite the closing of your loan.

The $495 rate lock fee is not an additional expense associated with closing a loan at America's Mortgage Choice. Only once your interest rate is available do we lock you in with a lender. Then we take your funds, place them in escrow and return them to you at your closing. We take steps to ensure that subject to verification, the information submitted by you, the borrower indicates that the loan will likely be approved in accordance with your Rate-Lock Fee Agreement. Basically, we don’t want to take your rate lock fee, or your loan application, if we don’t have a reasonable belief we can secure a mortgage for you.

Your rate lock fee would not be refundable if you, the borrower, withdraw the loan application; or you made a material misrepresentation on the loan application; or the borrower has failed to provide documentation necessary to the processing or closing of the loan.

As a broker, America's Mortgage Choice works with many lenders. Rate lock policies vary greatly by lender. At some lenders, for example, the consumer can lock or float on the day of application. Consumers should be aware that if they float the interest rate, they will only be able to get rates as of the day they do decide to lock in. If a borrower learns that rates increase on Monday, for example, Friday's lower rates are gone for good. Only if rates decreased again would the borrower be able to take advantage of the lower rates. Similarly, if you lock in today and rates decrease tomorrow, you must keep that rate unless you have selected a float-down option which costs extra.

After all, if the lender is going to take the risk of holding an interest rate for you for a period of time, it would be unfair for you to go to another lender before closing. Also, the lender and broker will lose money on rate locks that do not close so they must protect against these losses.

We are working to provide you the best option in getting the interest rate you want. If you have any questions about this policy, contact your America's Mortgage Choice Loan Officer.

America's Mortgage Choice

17W635 Butterfield Rd, Suite 300

Oak Brook Terrace, IL 60181

Ph: 630.368.3300

Fax: 630.368.1688

IL Residential Mortgage Licensee, Equal Housing Lender 

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