Since mortgage interest rates are constantly changing, we offer the option of "locking-in" a current South Carolina 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:

• If purchasing a home, supply us with a purchase and sale agreement on the property you want to buy along with other requirements listed below.
• Submit a completed South Carolina Federal Credit Union loan application.

Also:

• Pay the required initial fee of $20.00 to cover the cost of the credit report.
• Provide all supporting documentation as requested by your loan officer via a list of loan conditions.
• Once your initial disclosures are provided and you have receive a tentative credit approval, you will be asked to pay the appraisal fee in order to proceed with your loan request.

Once these requirements are met contact us at 1-800-845-0432 or (843) 569-5145 to request a rate lock.

Lock Options: 
If you have already submitted your loan application and supporting documentation for review, you will be informed when you are eligible to lock in your interest rate. Current rate subject to change up to time of committment.

You have two choices:

• Standard Lock:
  This lock applies to fixed rate mortgages with terms of 10, 15, 20, or 30 years. The interest rate can be locked for periods of 30 days. If available, locks longer than 30 days will have slightly higher adjustments to the rate or points, which would increase the overall cost of obtaining the mortgage.
  
• Float:
  This option is available on all products. This allows you to float your interest rate during the loan process.