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Rate Lock Policy

The interest rate may be locked in after a completed application is submitted, for 30 days with no fee.

The interest rate may be locked in at application up to commitment issuance, for a maximum of 60 days.  There is a non-refundable lock-in fee of .25% of the loan amount.

Unless you sign a separate Rate Lock-In Agreement, the interest rate on your mortgage loan will be the prevailing rate for the loan type requested and will be set 8 Business Days prior to a scheduled closing.

To request a rate lock, please complete the Rate Lock Request Form and return it to your Mortgage Loan Originator or Loan Processor.  Rate lock requests are accepted Monday - Friday 11 AM - 4 PM.

If your rate lock has not expired, a rate lock extension may be purchased for a non-refundable fee of .125% of the loan amount  for every 7 calendar days requested, not to exceed 28 calendar days.

All rate lock fees are non-refundable so long as the Credit Union approves your application.  The fee will be refunded if a statement of credit denial is issued by the Credit Union.  If incomplete or inaccurate information is provided to the Credit Union, the fee will not be refunded in case of a credit denial.


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Sperry Associates Federal Credit Union NMLS #1470924
2400 Jericho Turnpike, Garden City Park, NY  11040
Toll Free:  (800) 676-5512 Ext. 3
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