A mortgage rate lock is simply OU Credit Union promise to hold a certain interest rate for you for a specified period of time before you close on a loan. Because interest rates have the capability of fluctuating on a daily basis, you will need to consider the potential interest expense you may pay if a rate increases prior to locking your rate, or if you elect to have a floating interest rate (not locked).

For a new home purchase, you have the option to lock your interest rate when we receive the purchase agreement signed by all parties. For a mortgage refinance, you have the option to lock your interest rate after your complete application is received.

Once you close on your mortgage, your rate stays the same with a fixed rate loan, or if you have an adjustable-rate loan, the rate will change on the scheduled defined in your loan agreement.