Lock While You Shop

Lock in your mortgage rate with Southland

Today's loan rate

7/6 Yr ARM 6.060%
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Lock in your mortgage rate with Southland

Whether you're a first-time homebuyer or a seasoned homeowner, you'll benefit from discovering the best time to lock in a mortgage rate. Understanding how mortgage loans and interest rates work can help make the home-buying process a little easier.

Like any loan, borrowers need to pay interest on the money borrowed. The money you initially borrow is called the principal, and the cost to borrow the principal is called interest. Interest is charged as a percentage of the principal. The interest rate determines how much interest you'll pay over the life of the loan. Therefore, the lower the mortgage interest rate, the less it will cost you over the life of the loan.

With Lock While You Shop from Southland Credit Union, you can secure the best-possible interest rate before you close on your home. Lock in your pre-approved mortgage rate for 60 days while you search for your dream home. 

What is Lock While You Shop?

Lock While You Shop is a mortgage loan benefit that you can take advantage of to ensure your interest rate won’t change between the official loan offer and closing, as long as you close within the specified time frame and there are no changes to your application. Mortgage interest rates can change daily, sometimes hourly. With Lock While You Shop, your rate won’t change while you shop for the perfect home.

How to get started

First, you’ll need to fully understand your budget and credit situation. You can connect with a Mortgage Loan Consultant and begin going over how much money you make, how much you owe and what kind of monthly mortgage you’d be comfortable paying. This is a great time to find out if you need to fix any credit issues you might have, or if you’ll need to start saving extra for a down payment. 

Complete the form below, and one of our representatives will contact you to help you take the first step toward homeownership.


Important things to know about Lock While You Shop

There’s no cost to lock in your rate, and you can opt to “re-lock” your rate if rates go down during the lock period.

Once your rate is locked, there are some exceptions that could cause your rate to change. The following may cause the interest rate and, if applicable, any discount points to be modified:

  • You decided to change the kind of loan you are requesting or the amount of your down payment.
  • The appraisal on the home you want to buy came in lower than expected.
  • A change to your application—including your loan amount, credit score, additional debt incurred or verified income.  
  • A negative change in your monthly income or other financial sources.

Locking in your rate

Rate lock requests may be made during the Real Estate Lending department's regular business hours: 9 a.m. – 6 p.m. Monday through Friday.

Rate lock period

The standard Lock While You Shop period is 60 days from the date the loan is pre-approved by the by the Underwriting department.

If a fully executed purchase agreement for the subject property is not obtained within the 60-day time period, you can apply for a 30-day extension.

What if rates go down during the lock period?

If rates decrease during the lock-period you can re-lock your rate at the lower rate one time during the term. 

Lock While You Shop loans

The Lock While You Shop program is available for the following loan programs: 5/5 Conventional Adjustable Rate Mortgage (ARM)*, 3/6, 5/6, 7/6 and 10/6 SOFR Conventional ARMs.

Rate lock cost and fees

There is no cost to lock your rate for you initial 60-day Lock While You Shop period.

If a property is not found within the 60-day lock period, an extension may be secured for a fee of .375 basis points per month.

Ask our experts

Contact a personal mortgage consultant to learn more.

Photo of Paul Walker

Paul Walker
Mortgage Loan Consultant
NMLS# 1072444
562.936.8732
[email protected]

Photo of Ron Piri

Ron Piri
Mortgage Loan Consultant
NMLS# 383580
657.301.8851
[email protected]

Rates Effective 07/08/2025

  • 3/6 Mo ARM
    5.000% Start Rate
    0.000% Points
    6.284% APR1
    36 / 324 Months
    5.000% / 7.460% Rate
    $5.37 / $6.85 Payment/$1,0002
  • 5/6 Mo ARM
    5.125% Start Rate
    0.000% Points
    6.110% APR1
    60 / 300 Months
    5.125% / 7.460% Rate
    $5.44 / $6.77 Payment/$1,0002
  • 5/5 Yr ARM
    5.125% Start Rate
    0.000% Points
    5.809% APR1
    60 / 300 Months
    5.125% / 6.590% Rate
    $5.44 / $6.26 Payment/$1,0002
  • 7/6 Mo ARM
    5.375% Start Rate
    0.000% Points
    6.060% APR1
    84 / 276 Months
    5.375% / 7.460% Rate
    $5.60 / $6.72 Payment/$1,0002
  • 10/6 Mo ARM
    5.625% Start Rate
    0.000% Points
    6.064% APR1
    120 / 240 Months
    5.625% / 7.460% Rate
    $5.76 / $6.65 Payment/$1,0002
Conforming Loans up to $806,500 and $1,209,750 for High Balance loans in Los Angeles, Orange and San Diego Counties. Primary Residence and Second Homes only. 

ARM=Adjustable Rate Mortgage. The loan and accompanying interest rates, points, and APRs may differ and be adjusted based on your credit history, loan-to-value (LTV), occupancy, property type, loan amount, and loan purpose. Rates are subject to increase or decrease at the end of the fixed rate period, may adjust annually, and are based on an index plus a margin. The current index is the 1-Year Secured Overnight Financing Rate (SOFR) as published in The Wall Street Journal. The 5 year Constant Maturity Treasury (CMT) is used as the index for the 5/5 Year ARM product. P&I payment is subject to change after first interest adjustment.

1APR=Annual Percentage Rates. The rates offered are examples, and not intended to be inclusive or a commitment to the pricing for which you may qualify. The loan and accompanying interest rates, points, and APRs may differ and be adjusted based on your credit history, loan-to-value (LTV), occupancy, property type, loan amount, and loan purpose. All loans are subject to a qualifying credit score and approval. Interest rates, points, and APRs are subject to change without notice.

2Estimated payment per $1,000 borrowed calculated on $200,000 for conforming loans, $806,500 or Conforming High-Balance loans and $1,209,750 for jumbo loans. Loan amount and includes principal and interest only. Taxes & insurance will increase your payment. Loan costs include points, loan origination fee, title insurance, escrow, recording, processing fee and impounds for taxes & insurance (if applicable). The Credit Union will send Members a Loan Estimate detailing these costs within 72 hours of receiving a completed loan application. We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act. Additional loan programs are available; ask for details. Other fees and conditions may apply.

Rates Effective 07/08/2025

  • 3/6 Mo ARM
    5.000% Start Rate
    0.000% Points
    6.284% APR1
    36 / 324 Months
    5.000% / 7.460% Rate
    $5.37 / $6.85 Payment/$1,0002
  • 5/6 Mo ARM
    5.125% Start Rate
    0.000% Points
    6.110% APR1
    60 / 300 Months
    5.125% / 7.460% Rate
    $5.44 / $6.77 Payment/$1,0002
  • 5/5 Yr ARM
    5.125% Start Rate
    0.000% Points
    5.809% APR1
    60 / 300 Months
    5.125% / 6.590% Rate
    $5.44 / $6.26 Payment/$1,0002
  • 7/6 Mo ARM
    5.375% Start Rate
    0.000% Points
    6.060% APR1
    84 / 276 Months
    5.375% / 7.460% Rate
    $5.60 / $6.72 Payment/$1,0002
  • 10/6 Mo ARM
    5.625% Start Rate
    0.000% Points
    6.064% APR1
    120 / 240 Months
    5.625% / 7.460% Rate
    $5.76 / $6.65 Payment/$1,0002
Conforming High-Balance Loans $806,500-$1,209,750. Primary Residence and Second Homes only. 

ARM=Adjustable Rate Mortgage. The loan and accompanying interest rates, points, and APRs may differ and be adjusted based on your credit history, loan-to-value (LTV), occupancy, property type, loan amount, and loan purpose. Rates are subject to increase or decrease at the end of the fixed rate period, may adjust annually, and are based on an index plus a margin. The current index is the 1-Year Secured Overnight Financing Rate (SOFR) as published in The Wall Street Journal. The 5 year Constant Maturity Treasury (CMT) is used as the index for the 5/5 Year ARM product. P&I payment is subject to change after first interest adjustment.

1APR=Annual Percentage Rates. The rates offered are examples, and not intended to be inclusive or a commitment to the pricing for which you may qualify. The loan and accompanying interest rates, points, and APRs may differ and be adjusted based on your credit history, loan-to-value (LTV), occupancy, property type, loan amount, and loan purpose. All loans are subject to a qualifying credit score and approval. Interest rates, points, and APRs are subject to change without notice.

2Estimated payment per $1,000 borrowed calculated on $200,000 for conforming loans, $806,500 for Conforming High-Balance loans and $1,209,750 for jumbo loans. Loan amount and includes principal and interest only. Taxes & insurance will increase your payment. Loan costs include points, loan origination fee, title insurance, escrow, recording, processing fee and impounds for taxes & insurance (if applicable). The Credit Union will send Members a Loan Estimate detailing these costs within 72 hours of receiving a completed loan application. We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act. Additional loan programs are available; ask for details. Other fees and conditions may apply.

*ARM=Adjustable Rate Mortgage. APR=Annual Percentage Rate. Rate lock is good for and loan must close within 60 days of pre-approval. Borrower can re-lock if rates go down within the time period or when property is secured. If a property is not found within the 60-day lock period an extension may be secured for a fee of .375 basis points per month. Property must be owner occupied to qualify for rate lock. Rates are subject to increase or decrease at the end of the fixed rate period, may adjust annually, and are based on an index plus a margin. The current index is the 1-Year Secured Overnight Financing Rate (SOFR) as published in The Wall Street Journal. The 5 year Constant Maturity Treasury (CMT) is used as the index for the 5/5 ARM product. P&I payment is subject to change after first interest adjustment. Sample payments based on a $200,000 loan amount quoted as of 6/3/25 and subject to change without notice. The loan and accompanying interest rates, points, and APRs may differ and be adjusted based on your credit history, loan-to-value (LTV), occupancy, property type, loan amount, and loan purpose. 5/5 ARM = 60 monthly payments of $1,088 at 5.895% APR. 3/6 ARM = 36 monthly payments of $1,074 at 6.203% APR. 5/6 ARM = 60 monthly payments of $1,088 at 6.046% APR. 7/6 ARM = 84 monthly payments of $1,120 at 6.011% APR. 10/6 ARM = 120 monthly payments of $1,168 at 6.079% APR. Loan funding is subject to membership eligibility and credit approval. Membership is subject to eligibility. All new accounts will be verified through ChexSystems and are subject to credit approval. Real Estate Loans are subject to credit approval. NMLS #685526.