Generally, a loan is locked at no additional fee AFTER the loan has received a conditional approval, and we can see that we will be able to perform to meet the lock date available. At that time of approval, we notify you of the rate and terms available, and then you decide when to lock. However, you the borrower may decide to lock prior to approval, and Pacific Southland will notify you of the time we feel we need to complete the loan (the lock period required) and any fee that may be required (as part of your loan costs, not in advance) to lock the rate and terms at that time.

In a no points, no fees type loan where Pacific Southland is taking the balance of the rebate after costs as our fee, then Pacific Southland will determine the locking date, investors, etc. to maximize our position on the file, but we will always lock immediately upon loan approval (or sooner if we feel it is in our interests to do so), and always with your interests in mind by working to get for you the rate originally discussed if at all possible.

All of that said, neither we, nor anybody, can guarantee your rate, even after locking. Things come up (rarely) that cannot be foreseen... a difficult condition, holidays, counter-offer by the lender for a hard to place loan, etc..... many things can interfere with timing on a rate lock... but we endeavor to get for you what we discuss at the outset, and you are never required to pay costs on a loan that doesn't meet that original criteria if you decide not to go forward.

After locking and approval, we move forward with appraisal, etc.... and so costs begin to accumulate. We expect your commitment to the loan at that time with our company, as we have commited to working with you, and so you will be asked to pay for any up-front costs to venders (appraisal in specific) as these costs occur. It will all be a part of the fees originally quoted and not anything extra, and in the case of a no-points, no fees loan, you will be reimbursed any of these costs paid for out of pocket at the close of the loan.

Remember, mortgage brokers earn their fees with a combination of what we charge the borrower, and what the bank charges/rebates to us for a certain product at a certain interest rate. Many, many advertisements out there talk about paying your costs and fees (even buy you a new set of golf clubs I once heard!) for you.... but it is ALWAYS you, the borrower that is paying your costs... whether that is from money out of your pocket, money added to your loan amount, or money you pay each month in a higher payment because of the higher interest rate charged to get that big rebate to pay those costs. That's the big "trick" in the mortgage business.... but we don't trick you at Pacific Southland. You can decided the best way to go for your particular situation... it doesn't matter to us how we get paid, and we won't trick you into thinking that there is any kind of free lunch! Thanks for thinking of us.

Rates that are typically quoted are for single family homes / low rise condos, owner occupied, no cash out with a loan amount less than 90% of the real value, loan lock of 30 days, solid credit and assets, other restrictions apply. We have programs to fit all types of scenarios.