McLean Mortgage Corporation has announced the release of the RateFlex Program, designed to aid homeowners and prospective homebuyers in today’s real estate market. McLean Mortgage recognizes the volatility of interest rates this year has made consumers more reticent to participate in the real estate market though rates are historically extremely low.
The RateFlex Program allows individuals refinancing their home loan or purchasing a home to lock-in an interest rate so to protect against rate increases. If market rates move down after they are approved, they may relock their rate at the lower rate at no charge. Under this program, a deposit is collected at application which is credited at closing. No additional fees are charged for the ability to relock which may take place anytime after approval and no less than one week before closing.
“Today, consumers are more savvy with regard to shopping lenders and watching the interest markets. Many wait in the hopes that rates will move lower," said James Nader, EVP of capital markets and operations at McLean Mortgage Corporation. "Now, the consumer can lock in a rate with confidence because they are protected against increases, but benefit if rates decrease. It is truly a win-win situation for homebuyers and homeowners."