Extended Rate Lock: Lock Your Rate in Early and Relax! July 28, 2022 Loan Origination
What is an Extended Rate Lock?
An extended rate lock is a mortgage loan option that allows home purchasers to “lock” in today’s interest rate and guard themselves from the added cost of rising rates before they settle on their new home. A lower interest rate translates into a lower monthly payment, making extended rate locks particularly valuable in a market where rates continue to rise.
First Home Mortgage’s program offers the upfront safety of a locked interest rate for up to 350 days while you wait to settle on your new home!
Who Can Benefit from an Extended Rate Lock?
This is a particularly valuable tool for homes that are under construction. Extended locks secure your interest rate and protect you from the potential of paying a higher rate at the time the home is completed.
What Are Your LOCK OPTIONS?
Fixed Rate Loans: Lock in interest rates for 110-350 days!*
ARM Loans: Lock in interest rates for 110-170 days!*
*Non-refundable up-front lock fee applies. Fee percentage varies based on loan type and length of rate lock.
Want to Learn More?
If you think this program might be right for you, please reach out to one of our experienced Loan Officers today! We’re here to answer all your questions and help you select the best possible loan option to suit your needs!
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