Since mortgage interest rates are constantly changing, we offer the option of "locking-in" a current First Atlantic rate to protect you against an increase during the loan process. Once your loan rate is locked, you will receive this rate and the discount points you requested, no matter which way rates move. This means that the loan amount you qualify for today will still be the same when the loan closes.
You can lock-in an interest rate and discount points if you:
Supply us with a purchase and sale agreement on the property you want to buy.
Submit a completed First Atlantic Federal Credit Union loan application.
Pay the required application fee of $250 to cover initial processing costs.
Once these requirements are met contact us at 1-800-342-1184 or from the local calling area at (732) 380-3600, extension 3903 to request a rate lock.
Rates provided are subject to change at any time. Your rate cannot be determined until specific information regarding your credit history and the value of your property is determined.
Already found a home?
Then you should consider locking in your interest rate.
First Atlantic's Standard Lock:
If you choose to lock, upon receipt of one (1) point, which is equal to 1% of your mortgage amount, the interest rate will be locked for up to forty five (45) days. If you don't lock at the time of application you may lock any time during the process up to 5 days prior to the closing. If you choose not to lock at all, your rate will be set at the published rate 5 business days prior to your closing date.
If you choose to lock, the required one (1) point you pay is not an additional fee. If you select a zero point rate program the fee will be returned when the loan closes. If you select a program in the one (1) to three (3) point categories, you will be required to pay the additional points at closing and the point paid to lock will be applied to those points. Refer to the Lock Agreement for additional details and terms. You will receive the rate you lock in at unless you are obtaining a cash-out refinance, which is borrowing more that the amount needed to payoff your first mortgage and cover the closing costs. If the loan is a cash-out refinance and the loan amount exceeds 60% of the appraised value, a price adjustment may be required which will increase the interest rate. Ask about the amount of this adjustment.
Remember, locking your loan is your responsibility. When you decide on the interest rate and discount points for your loan, give us a call and speak with a loan representative who will put your lock in place. We will also provide you with a written lock confirmation showing you the interest rate and points your loan was locked in at.
* Interest rate will be guaranteed provided members provide First Atlantic with all documentation, information, and certifications requested. Members must satisfy all loan approval conditions in a timely manner in order to allow First Atlantic adequate time to process and fund the loan within the lock period. Special rate adjustments may be required for jumbo and cash out loans. There are also rate adjustments based on your credit score and the loan to value ratio. Ask about these adjustments. 
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