Locking Terms and Conditions

WARNING: Please do not request to lock your loan unless you agree to the rate and terms of your Mortgage Offer and are ready to start the loan process. When lock requests are not honored, it jeopardizes our future relationship with our Investors. Thank you for your cooperation in this matter.

ON ALL LOANS:

UP-FRONT $40 CREDIT REPORT FEE FOR ONE BORROWER and $72 FEE FOR TWO BORROWERS - In order to be "Locked", we require a non-refundable Up-Front Credit Report Fee so that we can order a consumer credit report (unless you already provided this during the Pre-Approval stage). It is understood that by accepting these terms and conditions you are authorizing us to pull your credit.

APPRAISAL FEE - After you sign and date the Application and Disclosures, we will order the Apprasial and pay for the Appraisal Fee using the same credit card that you provided for the Up-Front Credit Report Fee unless you want to use a different credit card.

LOCK POLICY: A lock period is normally for 45 days. If you are requesting a lock period longer than 45 days, you must make this clear to your loan officer and your loan officer must confirm in writing that your lock period will be longer than 45 days. During a lock period, time is of the essence. If your loan does not close within the rate lock period, the lock will become null and void, unless otherwise agreed to in writing by SMC. In this event SMC will maintain your rate, points, and terms to the best of our ability given the current market conditions. There may be instances when the processing of your loan may exceed the lock period. Generally, this can be attributed, but is not limited to, market conditions, subordination requests, title issues, appraisal backlog or value problems, credit issues, the borrower's failure to provide all required supporting documents within a timely manner, underwriting conditions or backlog, etc. In such instances, your rate lock could expire before the processing is completed. Should this occur your new rate or APR would be based on prevailing market conditions at that time but certain restrictions may apply. This Rate Lock Agreement is not an underwriting approval. Please be advised that all rate locks (rate, points, and terms) are conditional upon final underwriting approval and you providing all documents required by Sweetwater Mortgage Company. In the event that such information is not provided or is not as previously represented on your loan application, or is not sufficient to obtain final underwriting approval, or is not provided in a timely manner, you agree that such rate locks and loan programs may be subject to change.