Since mortgage interest rates are constantly changing, we offer the option of "locking-in" a current AEA Federal 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. This means that the loan amount you qualify for today will still be the same when the loan closes.
You can lock-in an interest rate and discount points if you:

• Supply us with a purchase and sale agreement on the property you want to buy.
• Submit a completed AEA Federal Credit Union loan application.
• Pay the required prepaid application deposit of $75 to cover the cost of the credit report and property review items. This deposit will be credited toward your closing costs.

Once these requirements are met contact us to request a rate lock.

Already found a home?
Then you should consider locking in your interest rate.
You have two choices:

• AEA Federal Credit Union’s Standard Lock:
  This lock applies to fixed rate mortgages with terms of 15, 20, or 30 years. The interest rate can be locked for periods of 30,45,60, or 90 days. Locks longer than 30 days will have slightly higher discount points, which increase the overall cost of obtaining the mortgage.
  
• Float-Down Lock (The best of both worlds):
  This lock-in option is available on all Adjustable Rate Mortgages (ARM) products as well as our 10 year fixed product. Under this option the interest rate is locked for a standard 90 days during the loan process and can "float down" to a lower AEA Federal Credit Union offered rate, should rates decline for your loan during the loan process.

Still looking for a home?
Then Lock and Look. This option is available on all Adjustable Rate Mortgages (ARM) products as well as our 10 year fixed product. You have the freedom to shop for a house without having to worry about rising interest rates, which might potentially disqualify you during your house hunt. We require a prepaid $250 deposit for this option, which is credited to you if you close your loan with AEA Federal Credit Union.
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 will also provide you with a written lock confirmation showing you the interest rate and points your loan was locked in at.

* Interest rate will be guaranteed if AEA Federal Credit Union is provided with all documentation, information, and certifications requested. Members must satisfy all loan approval conditions in a timely manner in order to allow AEA Federal Credit Union adequate time to process and fund the loan within the lock period.