Loan Interest Rate Agreement by fanzhongqing

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									                                       TOWER MORTGAGE, INC.
                                       Loan Interest Rate Agreement

Borrower’s Name:         ____________________________________________________

Property Address:        ____________________________________________________

Loan Program:            ____________________           Loan Term:      _________________

Loan Amount: ____________________

You have the option to either lock in your interest rate and discount points at this time or allow your
interest rate and discount points to float. Please read and understand the difference between locking
and floating your interest rate and discount points before you indicate your choice in the space
provided.

The borrower has submitted a loan application to Tower Mortgage, Inc. and by placing their initials
next to the heading have requested:

Initials:         RATE LOCK
______            A. Should you lock in your interest rate and discount points, you
______            understand that subsequent to the date of this Agreement interest rates available in the
                  market place may go down but you will close at the locked in rate and discount
                  points.
                  B. If your lock in period expires prior to the closing of your loan, your interest rate
                       must be re-locked and you must sign a new Loan Interest Rate Agreement. It is
                       your responsibility to contact Tower Mortgage, Inc. in order to re-lock your loan.
                       At that time, your interest rate and discount points will be re-locked at the higher
                       of:
                           1. The interest rate and discount points we are offering on the date you re-
                               locked, based on the same lock period as your previous lock, for the loan
                               product for which you applied, or
                           2. The interest rate and discount points provided by the terms of this
                               agreement.
                  If the borrower requests a “Rate Lock” the following provisions and conditions apply.
                  The interest rate, discount points and lock in fees (and ARM provisions if applicable)
                  will be collected as noted below:

      Loan Provisions:                                    Arm Provisions:
      Interest Rate: ___________________                  Margin: ________________________
      Discount Points: ________________                   Interest Rate Cap: _______________
      Origination Fee: _________________                  Frequency Rate Change: _________
      Rate Lock Expiration Date: ________                 Index: _________________________


      Initials:        FLOATING RATE
      ______           If the borrower requests a “Floating Rate” from Tower Mortgage, Inc., the
      ______           interest rate, discount points (and ARM provisions, if applicable)
                       will not be set until the loan is Rate Locked. If the loan is
                       not rate locked at the time of submission for underwriting approval,
                       the interest rate and discount points will be set by Tower Mortgage, Inc.
                       approximately five business days before the scheduled closing
                       date.

      I/We have read the Loan Interest Rate Agreement and understand our responsibilities of
      Locking in.

      ________________________________                        _____________________________
      Borrower                  Date                          Co-Borrower             Date

      ________________________________
      Loan Officer              Date

								
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