Since mortgage interest rates are frequently changing, we offer the option of "locking-in" a current Hiway Federal Credit Union (Hiway) interest rate to protect you against an increase during the loan process. Once your loan rate is locked, you will receive this interest rate and the discount points you requested, regardless of which way rates move. This means that the loan amount you qualify for today will still be the same when the loan closes.   

After you have submitted your purchase agreement, application and deposit, contact us at (651) 291-1515 or (800) 899-5626 to request a rate lock.  A rate lock is accomplished via a separate form and is not done automatically.

PURCHASES
Interest rate and discount points can be locked after the following steps have been completed:

·        A fully executed purchase agreement on the property you want to buy has been received by Hiway.

·        A completed Hiway loan application has been received.

·        The required prepaid appraisal/credit report deposit of $375 to cover the cost of the credit report and property review items has been paid. This deposit will be credited toward your closing costs.

REFINANCES
Interest rate and discount points can be locked after the following steps have been completed:

·        A completed Hiway loan application has been received.

·        The required prepaid appraisal/credit report deposit of $375 to cover the cost of the credit report and property review items has been paid. This deposit will be credited toward your closing costs.

After you have submitted your application and deposit, contact us at (651) 291-1515 or (800) 899-5626 to request a rate lock.  A rate lock is accomplished via a separate form and is not done automatically.