Since mortgage interest rates change frequently, we offer the option of "locking-in" a current Redwood Credit Union rate to protect you against an increase during the loan process. Once your loan rate is locked, you will receive this rate and the discount points you requested, no matter which way rates move (up or down) provided you fund prior to the expiration of the lock. 

You may request us to lock-in an interest rate and discount points if you:

        Submit a completed Redwood Credit Union loan application.

        Pay the required security deposit of $400 to offset the cost of the appraisal.  This deposit will be credited against closing costs or returned to you after your loan closes.

        If you are purchasing a new home, supply us with a purchase and sale agreement on the property you want to buy.

    Once these requirements are met, contact us at 1-800-609-9009 to request a rate lock; your request does not constitute approval. Other requirements may be applicable based on your particular loan conditions, turnaround times, etc. For example, it is often necessary for us to receive and review the appraisal prior to approving a lock-in request.

Locks are not automatic; please discuss this with your loan representative.

Remember, locking your loan is your responsibility. When you decide on the interest rate and discount points for your loan, give us a call and speak with a loan representative who will put your lock in place and guarantee* the rate and points for your closing date. We can also provide you with a written lock confirmation showing you the interest rate and discount point terms of the lock-in.