SEARCHING FOR A PROPERTY? LOCK & SHOP!

What is 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.

BUILDING A HOME AND WANT TO LOCK IN YOUR RATE?

What is a Term-Lock?

This program allows a borrower to lock in their interest rate while building on chosen property.

Short-Term Locks:

15, 30, 45, 60 and 90 days are free and have no upfront charge.

Long-Term Locks

Need longer? Not sure when your home will be complete? *Long-term locks are NOT applicable for jumbo loans.

4-month rate lock:

- .375% (of loan amount) up-front fee

- float-down option NOT available

6-month rate lock:

- .5% (of loan amount) up-front fee

- float-down option available

9-month rate lock:

- .75% (of loan amount) up-front fee

- float-down option available

12-month rate lock:

- .75% (of loan amount) up-front fee

- float-down option available

Guidelines are subject to change. May not be available for all products and costs may be associate with the long-term lock. 04/28/2022