Extended Rate Lock



When you’re building a new home, you spend a lot of time considering finishes and fixtures. What you shouldn’t have to spend time worrying about is rising interest rates. With Fidelity Bank’s Extended Rate Lock program, we take the hassle out of building your new home by locking your mortgage interest rate during home construction to protect you from rising rates. 

Rising mortgage interest rates could cost you a lot of money over the life of your home loan. With a Fidelity Bank mortgage and our Extended Rate Lock program, you’re not only getting comprehensive mortgage financing options and experienced lending assistance, you’re also gaining financial peace of mind while you build your dream home. 

If you qualify for a Fidelity Bank mortgage, you can request a rate lock on your loan. Homebuyers do not have to meet additional requirements beyond our normal qualifying guidelines to utilize our Extended Rate Lock program. The program offers rate locks of 60, 90, 120, 180, 270 and 360 days, depending on the specifics of the loan, and is available with ARM and conventional loans, as well as FHA and VA loans. An upfront fee secures the rate lock, and, once the loan closes, the full amount of the fee will be applied toward your closing costs. 

Once you receive lending approval, your rate remains the same during the lock period, even if interest rates rise. However, construction delays happen, especially when weather impacts the schedule, so it is possible the rate lock could expire before construction is complete. We recommend starting the rate lock once framing begins to avoid a conflict between the build schedule and the length of the rate lock. If the rate lock does expire during construction, we can continue to lock your rate at current market rates until construction is complete. While the original rate will not carry over, the new lock will continue to provide protection from rising interest rates. 

Fidelity Bank also offers a float down option if rates improve after you have locked your loan rate. With this option, if rates are lower within 45 days of closing, we will honor the lower rate without charging for the change. 

To apply for Extended Rate Lock, please speak to one of our mortgage loan officers to discuss your home loan needs. We will gladly explain how the program works, explore financing options and identify a lock period that will work best for your specific situation. We offer a completely tailored lending experience and will walk you through the process from application to closing. 

Fidelity Bank has been helping people finance their dream homes with efficiency and refreshing simplicity since 1905. We’re with you every step until you’re home.