Live chat

NEWS AND ALERTS:

Meet our new Originators!
Marline Charette-Strange
mstrange@monsonsavings.com
Lisa Gerulaitis
lgerulaitis@monsonsavings.com
 
Tired of rate tracking?
Not a problem. Click here.
Rate Lock Policy
 
Rates can only be locked once the bank is in receipt of your appraisal
 
If you choose to lock in your rate, the rate will be locked for 45 days from the lock-in date and requires a Rate Lock fee of 1% (one percent) of the loan amount.
  • To lock in your rate, you must submit your full application package to Monson Savings Bank and have received a copy of your Good Faith Estimate.  You will need to provide us with a rate lock check in the appropriate amount.
  • If your application is withdrawn by you after the rate lock fee has been paid, this fee will be deemed earned by the Bank and will not be refunded to you.
  • Once the rate has been locked, there may be a fee charged to you if you choose to change products or loan amount. 
  • If rates go down and you choose to take the lower rate, you will forfeit your rate lock fee and will need to pay an additional rate lock fee of 1% to relock your loan at the lower rate.
  • Should your loan not close and fund prior to the rate lock expiration date, the rate lock will expire, you will forfeit the rate lock fee, and the locked interest rate will no longer be valid.  However, if the Bank is able to extend the rate lock, any fees associated with the extension will be the responsibility of the borrower(s).
  • The rate lock fee will be credited to you upon the close of the loan, if the loan closes under the original lock in terms and within the rate lock period.  The rate lock fee will be shown on the HUD Settlement Statement as a credit towards your closing costs.