There is no charge for a standard loan program lock-in from Coastal Mortgage. Special financing programs from our investors, however, do exist from time to time that may require an up-front, "lock-in" commitment fee that is nonrefundable. Such programs are normally related only to an "extended lock-in" period (beyond the standard 45 -or- 60 day lock-in market) when use of an extended lock-in period is chosen by the borrower. All "lock-in" days include weekdays and weekend days.

The standard, daily lock-in ''window" with Coastal Mortgage is between the weekday hours of 1:00 PM and 4:00 PM. If your loan application is taken during this lock-in ''window", you will be given the opportunity to lock-in your interest rate and discount point charges during such time. Unusual investor market conditions could cause this "window" to not be available or close early on certain days. Otherwise, your loan application will be placed into our loan processing by Coastal Mortgage on a "floating status"; without a set interest rate and/or loan discount point selection. You will therefore be able to lock-in at our next available, daily lock-in "window". At he time of your "lock-in" the only market available to you will be the market price of Coastal Mortgage. Your "lock-in" must occur prior to our submission of your processed loan application to our investor underwriting for loan approval and subsequent loan closing. You are required by law to sign a "lock-in" request at the time of your "lock-in" election. Your signed "lock-in" request may be sent by signed "fax" to our office which must state the interest rate, points, loan amount, and loan program at the current pricing of Coastal Mortgage and is valid only by verified receipt of Coastal Mortgage during the same "lock-in window" pricing date.

Coastal Mortgage will not contact you daily with our interest rate and/or loan discount point pricing at any time. If your loan is being processed by us on a "floating status" it is therefore your responsibility to:

1. Continuously monitor our loan "pricing" through daily (1:00 PM-4:00 PM) telephone calls to our office.
2. Lock-in your loan "pricing" at your election during our next available lock-in window.

When your loan is in process under a "floating status" interest rates and/or loan discount points are subject to daily market changes and may increase -or- decrease within a short period of time without prior notice. Your continued loan qualifying may also change with any change in the interest rates and/or loan discount points. Coastal Mortgage is not to be held liable for your failure to either 1.) "lock-in" -or- 2.) "qualify'' for any loan it offers as a result of increasing market pricing occurring during your "floating status".

Once you have chosen to " lock-in" your loan interest rate and/or loan discount point charges it is most important you understand your "lock-in" cannot be changed during the term of your lock (normally a 45 day -or- 60 day period from the date of your "lock-in"). The "lock-in" term is always established by Coastal Mortgage. Any Re-lock from your original "lock-in" expiration, however, is always subject to the greater of 1.) the expired "lock-In" price -or - 2.) the new market price of Coastal Mortgage. A single Borrower or Co-borrower signature will validate this total agreement for both/all borrowers.