Rate Guard

Homebuying With Confidence

Rate Guard ensures your rate remains secure while searching for the perfect home.


Over the last few years, Real Estate has become increasingly volatile which can have a negative impact when trying to purchase a home. We are here to help our members plan for their home purchases with confidence using Rate Guard, a two-part interest rate supplementary program: Interest Rate Guarantee for pre-approvals, and Interest Rate Float Down during the purchase process.

Preapproval Interest Rate Guarantee:

First Heritage will guarantee your interest rate at time of approval for 90 days. This is to ensure that your approval is not impacted by interest rate changes.
  • This is not a rate lock, but a rate guarantee.
  • First Heritage will approve your pre-approval application using the daily interest rate at time of application (subject to nonconforming rate increases).
  • If interest rates are higher when you have a signed purchase contract, you are protected and can lock in at the rate stated on your pre-approval letter.
  • If interest rates are lower at the time of purchase contract, you can lock in at the lower rate.
  • If you don't find your new home within 90 days, that's okay. We can start the process over and re-approve your application offering a new 90-day rate guarantee.
  • This can be done as many times as needed, until the promotion ends.

Rate Lock Float Down

Rate Lock Float Down offers you a one-time chance to lower your rate to the current daily rate at no cost. This is to provide you the peace of mind that you are getting the best rate during your mortgage process regardless of market changes.

  • You may choose to lock in your interest rate as soon as we receive your purchase contract.
  • Mortgage rates are subject to change daily. During the mortgage process, view our rates page to monitor.
  • Reach out to your loan officer when you are ready to exercise your one-time interest rate “Float Down” to lower to the daily advertised rate. The rate will be reduced (subject to nonconforming rate increases) on the date of notification.
  • This program is a limited time promotion, intended to supplement the rate lock agreement and does not replace the original rate lock terms.
  • If utilizing rate lock float down it must be locked in 5 days before closing