Hi, I'm Andy Mandel with the Mandel team at Remax. It's not a secret that interest rates are rising in the United States. Fairway Mortgage, as our preferred lender, has a new program called "Lock Shop & Go." Normally you can't lock in an interest rate until you're already under contract. This program allows you to lock in an interest rate now, before you go under contract. Here's Scott Lushing, our preferred lender, to tell you more about this product and how it works.
Yes, it is true. Interest rates have gone up over 2% this year and we aren't even halfway through the year yet. Don't you wish you could have locked into your rate even though you hadn't found a home yet? Well, now you can with our Lock Shop & Go program, here's how it works. And always remember, there are no additional charges to you for utilizing this program. So we start off by doing a quick pre-approval. Might take you 15 minutes on the phone, or a few minutes. if you want to use my online application. Once that caller application is completed, everything on my end will be done in less than 24 hours. We then convert your pre-approval into the Fairway Advantage pre-approval program. And you can lock in your rate without a property for up to 90 days. As long as you identify a property within 90 days your lock remains valid. And if our rates at the time you find a home are lower than when you locked in a rate, we can even do a one time interest rate float down to current market rates for you. So it's a win-win. Now, while you're out looking, we'll complete the Fairway Advantage pre-approval in which we do a full underwrite on you. Our underwriter will review income, credit, and asset documentation. We'll issue you an underwriting approval up to the maximum payment you're approved for. Now you not only have the confidence in making offers with a full underwriting approval, but you sleep well at night knowing that your rate is locked in.Posted by Andy Mandel on