WHAT IS A LOCK & SHOP?
This program allows a borrower with a conditional approval to lock in an interest rate on a TBD basis while they are on the home search.
HOW LONG DOES IT LAST?
- The Lock & Shop program offers 75, 120, and 180-day locks.
- Two 30-day extensions will be available at a cost of .025% per day.
- One FREE Floatdown at CONTRACT. Floatdown can be done at any time after contract, but no later than 5 business days before closing.
DOES IT COST ANYTHING?
- Yes, but the fee will be REFUNDED on the CD if you close with us!
- 75-day: $250; 120 and 180-day: $500
- The fee is paid by credit card within 5 business days of the lock date.