Extended Lock Program

Mortgage Investors Group’s Extended Lock Term Agreement provides interest rate risk protection.

• Ideal for someone purchasing a home that will not be complete or available within the standard lock terms of 90 days (based on current market conditions)
• Secure a specific rate for almost 6 months
• 0.5% Up Front Fee Refunded at Closing
• “Float Down” option allows rate renegotiation should it improve from original lock term and must be executed within 45-days of closing

Great for new construction!
Protect your rate for up to 120 days.

Eligibility based on loan program and borrower’s qualifications. An upfront fee must be collected from the borrower after the Intent to Proceed is received. The LE will not include an extended lock fee. This fee will be defined in the Extended Lock Term Agreement Disclosure and must be signed by the borrower. Float down option must be executed within 30 days of closing. If the loan does not close, is denied, the rate lock expires, or if the borrower chooses to withdraw the loan, the upfront fee is not refunded. The upfront fee is refundable ONLY if the loan closes with MIG, the amount received as the upfront fee will be refunded as a credit in section L of the CD.