New loan program lets buyers lock in an interest rate while they shop for a home
One of the biggest challenges of today’s real estate market is finding the right home – when inventory is limited and moves quickly. And when you factor in rising interest rates, buyers face the added uncertainty of financing costs once they find a home to purchase.
Lock and Look, a new program from Allen Tate Mortgage, allows a pre-approved buyer to lock in an interest rate for up to 60 days – while they shop confidently for a home. Once the buyer finds a home and writes a contract, the rate lock is extended for an additional 30 days to allow time to close on the home.
“Traditional rate lock programs require the buyer to have a contract on a specific property,” said Chris Cope, president, Allen Tate Mortgage. “Lock and Look helps protect the buyer from interest rate volatility while they look for the right home to meet their needs.”
Buyers must complete a full loan application with Allen Tate Mortgage, resulting in a conditional commitment for a specific loan amount. Lock and Look is available on Conventional, FHA, VA and USDA fixed-rate loans available from Allen Tate Mortgage. ARMs, Jumbo Loans and Bond Programs are not eligible for Lock and Look.
The rate lock will be approximately .25 percent higher than the current market interest rate at the time of the lock, Cope said. If interest rates improve more than .25 percent prior to loan closing, the interest rate will be adjusted downward.
Certain terms and conditions apply. For more information, contact an Allen Tate Mortgage loan officer or visit http://mortgage.allentate.com/why/promotions.