Rezzy

Frequently Asked Questions About Locking an Interest Rate

01/24/2022 01:08 PM By Cody Stevens

What exactly does "locking" mean?

After you lock, we'll hold your mortgage rate for you while we work together on the loan process. This gives you time to complete your application with peace of mind, knowing that your rate and monthly payment won't change due to market movements.


You can lock in your rate for up to 90 days with Gapital, even if you haven't found a property yet.

Can I choose a different rate or loan product after I lock?

Yes. You'll be locking in that day's pricing for all loan products associated with the particular lender you choose. This means you can change your rate, your rate type (fixed-rate mortgage vs. adjustable-rate mortgage), or your loan term (15-, 20-, 30-year, etc.) until you close.

What if my lock expires before my loan is complete?

We will extend your lock if it expires before your loan closes. If the loan delay was caused due to any complications on our end, we will waive the lock extension fee.

What exactly does "locking" mean?

After you lock, we'll hold your mortgage rate for you while we work together on the loan process. This gives you time to complete your application with peace of mind, knowing that your rate and monthly payment won't change due to market movements.

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© Perci Inc. All rights reserved.


NMLS #2000303– Rezzy Mortgage is a registered DBA of Perci Inc. Rezzy Mortgage is a mortgage broker with its main office at 2770 W First Street, Suite 20, Prosper, TX 75078. Telephone Number (972) 777-9820. Loans made or arranged pursuant to a California Finance Lenders Law License. – Not available in all states.

Texas Mortgage Company Disclosure

In compliance with the Texas Dept. of Savings & Mortgage Lending

Duties and Nature of Relationship: 

We will submit your loan application to a participating lender which we may from time to time contract upon such terms as you may request or a lender may require. In connection with this mortgage loan, we are generally acting as an independent contractor and not as your agent. 


How we will be compensated: 

The retail price we offer you – your interest rate, total points, and fees – will include our compensation. In some cases we may be paid all of our compensation by you or by the lender or investor. CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV