Brokerage Offers ‘Lock & Shop’ to Calm Buyers’ Rate Nerves
January 22, 2019
Howard Hanna Mortgage Services announced a new program to protect buyers from interest rate fluctuations by allowing them to lock in rates while they shop for homes.
The company’s newly launched “Lock & Shop” program allows home shoppers to get prequalified for a mortgage and lock in a mortgage interest rate while they house hunt. If rates rise before they find a home, their rate will remain locked.
“We have experienced a reduction in interest rates recently, but signs point that rates will go up throughout the year, which could leave buyers with unexpected higher payments, making this a great time to use our Lock & Shop program,” says F. Duffy Hanna, president of Howard Hanna Mortgage. “Normally, a home buyer would have to have a purchase contract before they could lock in an interest rate on their mortgage. This program gives the buyer their mortgage interest rate up front. Anxiety over rising interest rates is reduced, giving buyers peace of mind while they are looking for a home.”
The program provides rate protection of up to 75 days. Borrowers have 30 days to find a home and get a sales agreement in place. They then use the rest of the set rate lock period to close on the home.
Updated: August 19, 2019