At Merchants Bank, you have the option to lock in the current interest rate for 45 days, free of charge - at any time from when you first submit your application to when your closing interest rate is set. You can lock in the rate during the online application process or by contacting your loan officer.
Whether or not you lock in your rate, the closing interest rate will be set 10 days before your scheduled loan closing date.
After the loan closing date is scheduled and your closing interest rate is set, you will be charged a $250.00 re-documentation fee, plus any additional fees incurred for updating the title work, for any subsequent change you make which affect your loan closing date and or documentation.
View all loan and deposit rates.