60-Day Lock and Shop Program
First Entertainment offers a 60-day rate lock on a first mortgage pre-approval without a property being selected so you can start shopping for your dream home. This program is ideal for homebuyers in a competitive market. Locking in a rate can protect you from the time the lock is confirmed to the day that the lock period expires. With our Lock and Shop program, if mortgage rates go up, yours will not change. And if rates go down, you may be eligible for a one-time rate float down option.
To apply or speak to a member of our mortgage team, please visit
firstent.org/real-estate/mortgage-loans.
Terms, Conditions and Eligibility Requirements
The Lock and Shop Program (“Program”) will lock your initial interest rate for up to 60 days with a cost of .25bps to price. To be eligible for the Program, borrower must complete a loan application with First Entertainment CU (“First Entertainment CU”). No property address is required when completing the application. The property address will be listed as To Be Determined (TBD). The rate will be initially locked for 60 days. One-time rate float down option based on interest rate market movement. Borrower must supply the fully executed purchase and sales contract within 30 days of participating in the Program. Failure to enter a sales contract within 30 days will result in the lock expiration. This Program only applies to home purchases to be funded by First Entertainment CU using for 1–4-unit family dwellings and excludes refinance loans, home equity lines of credit, short sales, or any other purchase transaction that requires the approval from a third party. The Program may be amended or terminated at any time except as to qualified home purchasers with submitted applications prior to the date of the amendment or termination. The Program is not transferable or assignable. Unforeseen circumstances adversely affecting the ability to perform will void First Entertainment CU’s obligations under the Program (natural disasters, inclement weather, catastrophic event, or other major event beyond First Entertainment CU’s control). Applicable law or investor requirements may impose a required waiting period prior to closing, including but not limited to a waiting period due to re-disclosure of updated loan, or TRID (TILA / RESPA Integrated Disclosure Rule) or Real Estate Settlement Procedures Act disclosure information, or delivery of an appraisal or appraisal addendum, and that waiting period may prohibit us from closing on the set closing date. The Program is not a mortgage loan approval nor a commitment to lend and is subject to the borrower satisfying all underwriting guidelines and loan approval conditions, including identifying a property that is acceptable collateral to First Entertainment CU and satisfying all appraisal and title requirements. This offer only applies to purchase loan applications received by First Entertainment CU on or after May 27, 2022.
