Interest rates change regularly with the fluctuation of the market. The interest rates we quote you on the site are good for two hours. If a quote expires, you will be prompted to resubmit to receive an updated quote. Of course, once you lock or protect your rate, it will not increase as long as you close and fund your loan on or before the rate expiration date.


How can I customize my rate?

Once you submit, we will recommend a loan program for you. This program will be associated with a specific interest rate and possibly with points. If you'd like, you will have the ability to customize this rate. You can add or subtract points and see how this changes your rate and monthly payment. You also may have the opportunity to roll your closing costs into either your loan amount or interest rate. Once you select the program that best fits your financial objectives you will be presented with different rate options. An interest rate is not locked until you request to lock the rate and submit.


When should I start shopping for a mortgage and how do I know what I can afford?

The best time to look for a mortgage is before you look for a house. This way you'll know exactly the amount of money you can borrow. You can use the calculators on this site to help you determine these numbers as well as your estimated monthly payments. Get pre-approved for a mortgage before shopping for a home and you'll maximize your negotiating power. It's free and will take only a matter of minutes to get a decision, and there's no obligation until you want to reserve your funds.


What factors go into determining my personalized rate?

We evaluate your credit history and reward your good credit with a better rate. We also take into account your loan to value or LTV, as well as your income, your assets, the purpose of the loan and how you intend to occupy the property. Naturally, all of this is impacted by the current market conditions


Can I lock in a loan program and interest rate online?

Absolutely! Simply complete the home loan process, choose your program, and you'll be one click away from locking your rate. Once you have chosen your rate lock option you will need to reserve funds with a $350.00 NONREFUNDABLE fee (charged to a credit card) and SUBMIT! No need to call. No need to wait for someone to call you. You are in control! Just another feature that sets Coldwell Banker Mortgage apart from other online mortgage programs.


Once I have selected a program, what are my rate options?

You will be presented with rate options that are applicable to your loan purpose, closing date and qualification. The possible options are listed below.

~Rate Protection

Rate protection gives you the opportunity to take advantage of a decreasing interest rate market with the confidence that if the market increases, you are protected. A cap is added to your interest rate. The capped rate is the maximum interest rate you will pay, even if rates increase, as long as you close and fund your loan by the lock expiration date.

However, if rates drop, you will have a one-time option to lock in at a lower rate. To do this, simply call your processor on the day you would like to lock in the lower rate.

If you are refinancing, you can exercise your float down option if you are within 15 days of closing. For both purchases and refinances you must lock at least 5 days prior to closing.

~Rate Lock

By locking in your rate, you have committed to the rate and point combination that has been presented to you.

Once you lock your rate, the rate and point combination will not change? regardless of what happens with interest rates? as long as you close on or before the rate lock expiration date.

~Rate Float

By opting to float, you have not selected or committed to any rate and point combination. Therefore, your ultimate rate is subject to both up and down market fluctuations until you decide to either rate-protect or lock your rate.

If you choose to float, you will have up until 5 days prior to closing to lock your rate. If you do not choose to lock, your rate will be locked for you at the current market rate 5 days prior to your closing.


When can I lock my rate?

If you have a contract on a property and are within 90 days of closing you can lock your rate. If you are refinancing, you can lock within 45 days of closing. If you have selected the rate protect option you can lock between 15 and 5 days of closing.

With all programs, you must lock your rate at least five days prior to closing.


What if interest rates go down after I lock my rate?

Once you lock the rate, it cannot be changed. For that reason, it's important to consider carefully the timing of your rate lock. If you follow the market or plan to watch it closely, be sure you're comfortable with the trends you see before you lock. You may want to consider our rate protection program to help safeguard against changes in interest rates.


What happens if my loan does not close before the rate lock expiration date?

When you lock your interest rate, you are guaranteed to receive that rate as long as you close and fund your loan by the specified expiration date. If your loan closes and funds after this date, you are no longer guaranteed your locked interest rate. Instead, you will receive the higher of the current market rate or your locked rate. Please note that you cannot receive a lower rate by allowing your lock to expire.


If I have selected rate protection and do not exercise my one-time float down option, what will happen?

If you have not exercised your one-time option to float down, your rate will automatically be locked at the market rate, five days prior to your closing date. If the rate has gone up and over your capped rate, you will receive the capped rate. If the rate is lower than the cap, you'll be locked in at the lowest rate available to you.


What are points?

Points are a percentage of the loan amount paid at closing that affect your interest rate. For instance, on a $90,000 loan, 1 point = 1% or $900. How it works is that if you pay points, you buy down the rate. Alternatively, in exchange for a higher rate, the lender pays points to offset your closing costs. These are considered negative points. Negative points may be a wise option if you have limited funds to use at closing. Points are also disclosed as discount points. Whatever the name, they are itemized on your Good Faith Estimate and are typically paid at closing.


Are discount points tax deductible?

In many cases they are. Contact your tax preparer or the IRS to obtain a qualified opinion and the best expert advice.


If I'm short on cash, do I have options to help with my down payment and closing costs?

There are a number of options that may help you if you do not have much cash to purchase a home.

You can look into one of our low down payment programs. These programs may require as little as 3% for a down payment.

If you meet the criteria, you will be offered the option to roll your closing costs into either the loan amount or the interest rate.

If you choose the loan amount option, we will take the amount due at closing and add that to your loan amount. The amount due over the life of the loan will increase but the amount you need to bring to closing will decrease.

If you choose the interest rate option, then the rate for the life of the loan will increase, as will your monthly payment, but the amount of cash you need to bring to closing will decrease.

You can also consider negative points. This means that in exchange for a higher rate, we will contribute funds toward your closing costs.