Due to market conditions, the ability to extend rate locks has been suspended.  All loans must close within their initial lock period or it is subject to re-pricing.

Since mortgage interest rates are constantly changing, we offer the option of "locking-in" a current Bay Federal Credit Union 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 Bay Federal Credit Union loan application.

Once these requirements are met contact us at 1-888-422-9333 and ask for Mortgage Lending (extension 304). 

Already found a home?

Then you should consider locking in your interest rate. 

 Bay Federal Credit Union's Standard Lock: This lock applies to fixed rate mortgages with terms of 15, 20, or 30 years. The interest rate can be locked for a period of 45 days.

Still looking for a home?

Then Lock and Look. This option is available on all First Mortgage - Adjustable Rate Mortgages (ARM) products as well as our Fixed Rate products. You have the freedom to shop for a house without having to worry about rising interest rates, which might potentially disqualify you during your house hunt. We require a prepaid $200 deposit for this option, which is credited to you if you close your loan with Bay Federal Credit Union.

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 and guarantee* the rate and points for your closing date. 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 Bay Federal Credit Union with all documentation, information, and certifications requested. Members must satisfy all loan approval conditions in a timely manner in order to allow Bay Federal Credit Union adequate time to process and fund the loan within the lock period.