Amerisave requires a $395.00 application deposit at the time we lock your rate. This is not an
additional fee; it is a deposit towards your total closing costs at the time of closing, covering
the costs of appraisals, title insurance, credit reports, subordinations, and all other expenses
Amerisave incurs in preparing your loan to close.
Lock Process:
Prior to locking a rate, Amerisave reviews your credit and submits your application through an Automated Underwriting (AU) system. We only proceed with your rate-lock if your application passes our AU system.
Then, Amerisave will submit your lock request to the investing bank or lender offering the rate for which you applied.
The investing bank or lender confirms the rate-lock with Amerisave within a few hours in most cases.
Amerisave then will send you an email confirming the rate-lock. In the event that the rate for which you applied is no longer available, an Amerisave Loan Advisor will contact you immediately.
Amerisave will charge your credit card only upon successful completion of your rate-lock.
Rate-Lock Extensions
Amerisave informs each customer of the minimum lock period, in days, in which Amerisave needs to
complete each customer's unique loan request. In the event we are unable to close your loan within
the rate-lock period and your rate-lock expires, you will be notified and given the choice to extend
your lock period or cancel your loan request.
The cost of extending your rate-lock period varies with current market conditions and different
investing banks and lenders. Depending on the circumstances you may be able to extend your rate-lock
for free or a fee may be required. If your rate-lock expires as a direct result of an action taken
or not taken by Amerisave, Amerisave will absorb any cost associated with extending your rate-lock.
Relocking
In the event that the borrower(s) wishes to relock the rate to obtain a lower rate, payment or
closing costs, or for any other reason, a nonrefundable relock fee of $350 or .25% of the loan
amount, whichever is greater, is required. Relocks are not eligible with your initial investing
bank or lender, and conditions accepted by one investing bank or lender may not be accepted by
another. Therefore, the approval of your loan with a different investing bank or lender is not
guaranteed, and the borrower(s) is responsible for any additional required expenses incurred in
obtaining the new approval, such as a new appraisal. Relock requests cannot be fulfilled until
Amerisave receives a signed copy of the relock disclosure sent to the borrower at the time of the
relock request.
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Also, our Loan Advisors are standing by to help you – please call us at 866.970.SAVE
