How long does it take to close a loan and what happens if the rates go down again before I close?

We are closing loans in less than 30 days and will give you a free, one time float down if rates drop ater you lock

Correpspondent lenders can close loans in only 8 days, Brokers about 30-45. Rates right now have climed at the highest pace in 10years and now the 30yr convtentional rate is the highest its been since the 3rd quarter of 2011. Once you lock a loan you are tied into that rate until the lock expires. It's your gamble but I'd advise you to lock now and hindsight is always 20/20 just like those that waited for the last 2 years to refi or purchase and now complain about the rates being in the 4's instead of the 3's. Rates went up again today so keep that in mind.

@sandyforeman I like how you think. Great question as well! Unity West Lending is unique in that we have a 5 Year Rate Protection Program which enables you to take advantage of a lower rate if they should come down after you close a loan with us, for no cost not even an appraisal. Many of our clients have already taken advantage of this great program up to 3-4 times within the last 4 years and it just insures that you are getting the lowest rate regardless if it is today, 6 months from now or even 3 to 5 years from now, you can take comfort of knowing if rates should come down you can take advantage of them while still locking in a low rate today, that is a WIN, WIN situation. Please take these benefits into consideration before making any decision.

Most lenders these days take about 30-days to get a loan closed. Some a little longer, some a little shorter. As for rates, once you've locked, you've locked. People always thing in one direction. If I lock, and rates go down, can I get the lower rate. Generally speaking, no. But remember this, if rates go up... which they have and are likely to continue going up... Once locked, the lender will not increase your rate if rates go up.