The interest rate and discount fees charged by various investors who purchase residential mortgage loans can vary moment by moment.  As a result, rates and discount fees available by Columbia Credit Union are subject to change without notice in response to the movement of these investor rates.  However, Columbia Credit Union is able to stabilize (“Lock-In”) the interest rate, loan fee and discount fee available to you in accordance with the terms and conditions set forth below.  All loans must be subject to a written Lock-In Agreement prior to closing and loan funding.  To ensure no misunderstanding, your choice must always be in written form and acknowledged by you the borrower, Columbia Credit Union, and in those instances where a Seller is paying any or all of the discount fees, the Seller.  Furthermore, it is your responsibility to inform Columbia Credit Union of your desire to Lock-In, and you should assume no Lock-In exists until Columbia Credit Union provides you with a completed Lock-In Agreement, on Columbia Credit Union’s form, and you return the signed Agreement to Columbia Credit Union.

You may NOT Lock-In your interest rate, loan fee and discount fee until Columbia Credit Union is in receipt of a fully executed, valid Purchase and Sale Agreement which identifies the property address.  A Lock-In is NOT available on a “credit only” application where no property has been identified, or where a fully executed Sale Agreement has not been provided to Columbia Credit Union.