Published August 21, 2023
Lock and Shop Program
There is at least a 50% chance that interest rates will continue to rise this fall. The best solution out there is the Community America Lock and Shop mortgage program. In a nutshell, we can lock in your interest rate now for four months while you look for a new home. The cost is better than insurance because you only pay if you use it. It is a no-brainer.
How it works: Once you complete a loan application with us [Community America] we will secure your interest rate for four months while you look for a new home. You pay nothing.
What happens when I find a home and the offer is accepted: Congratulations! We can now compare your locked-in lock and shop rate with the current market interest rate. If current market rates are lower, you get the lower rate at no cost! If current rates are higher, you can keep your locked-in lock and shop rate and only pay $500. If you don’t find a home in four months the locked-in lock and shop rate just expires and you don’t pay anything.
Does it work with all mortgage programs?: yes, all conventional jumbo fixed rate and arm loan programs are eligible.
How do I get signed up: Call or email me today! If you are pre-approved with another lender and FLOATING, that means your interest rate is not locked and you are exposed to a rate increase this fall! Call me today and we will get you signed up!
Timothy McGrath, Sr. Loan Officer, Community America Credit Union
913.706.1199 | TMgrath@cacu.com
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