Rate Lock Policy

American Mortgage Home, Inc. -  Rate Lock Policy   American Mortgage Home offers very low interest rate daily and in return expects the Borrower’s commitment to the Loan request and Rate Lock   We have three Rate Lock Option for the Borrower to select from:   A --- Floating Rate B --- Lender Lock Choice C --- Borrower Guaranteed Lock   A   Floating Rate Option   Under this option, the Borrower is not locked to a particular Interest Rate yet, the Borrower can at any time prior to three business days before closing request a Rate Lock and pay Lock fee to lock the Rate.  In this option, the Borrower will at the time of lock obtain a Rate lower or higher than the Interest Rate on the day the Borrower applied / received a Good Faith Estimate from American Mortgage Home..   B     Lender Lock Choice   Under this option,  American Mortgage Home, decides what day and time to lock the Rate, the Lock date will depend on the Lender’s belief that borrower will actually close, that all loan documents are signed and delivered to lender with all supporting loan documents. The loan MUST have been approved, cleared all underwriting conditions and be on Read To Close Status.  The Lender will lock the Rate base on the interest rate on the day of lock, not necessarily the quoted or rate on Good Faith disclosure. Lender will use best judgment in trying to secure the requested or quoted Rate, however, the quoted or requested Rate is not guaranteed. Interest Rates are very volatile and changes without notice.   C__ Borrower Guaranteed Rate Lock   Under this Option, the Borrower will be locked and the Interest Rate guaranteed; however, the Borrower must provide in advance at the time of Rate Lock, to American Mortgage Home, Inc. a Rate Lock Fee of (1%)/ “Cash Deposit” of 1% of the Loan Amount to be held in Escrow by AMH until the Loan Closes. The Rate Lock Fee will be Refunded to the Borrower at the time of Loan Closing in its’ entirety. And, the entire Rate Lock Fee will be refunded if the Loan fails to close for any reason other than a cause of the Borrower’s, such as but not limited to: Seller of subject Property decides not to sell, Seller serious misrepresentation that results in cancellation of the purchase contract, Title of subject Property encumbered/ problem, and/or any reason other than a “Borrower Caused” relating to the Loan not Closing; However, the Borrower will not be refunded the Rate Lock Fee if: the Borrower causes the failure of the Loan to Close, such as but not limited to: Borrower withdrawal of Loan request, Borrower provides incorrect or fraudulent documentation/ information, Borrower withholds information needed by underwriter, and/or for any other Borrower caused reason.   I elect Lock option _________   _________________________________                                     _________________________________ Borrowers Signature                          Date                                    Borrower Signature                           Date                                                                                                    ________________________________                                     _________________________________ Manager’s Approval                         Date                                   Loan Officer’s Signature                     Date