This is the easy part. Draper and Kramer Mortgage Corp. will notify you in writing when your loan has been approved. You may also be notified verbally.

The notice of your loan approval (commitment) will specify all conditions for the loan, such as the interest rate, the term of the loan, etc. If the loan is an adjustable rate mortgage, the interest rate adjustment period, index, and limits on the adjustment (cap) will also be specified.

The loan approval notification will also specify the time period for which the quoted rates are valid (locked-in). If settlement does not occur within this time period, the actual rate charged will be set at the time of settlement.