Q: How is my final mortgage rate calculated, and when is that rate confirmed?

The mortgage rate is determined at the time the loan is locked, based on the criteria obtained during the application process. The rate will remain the same at closing as long as things such as loan-to-value, credit score and transaction type do not change. If these items do change, the loan officer will review the impact of such changes with the member. Once a rate has been locked, the rate will be confirmed the same day.