has premiered its Lock N Shop rate protection program, designed to allow home shoppers to lock rate offers for 60 or 90 days while they are in search of a residence to buy.
According to the San Ramon, Calif.-based company, the homebuyer has 45 days to identify a property for purchase when the lock is in place. If rates rise during this period, the homebuyer will keep the locked rates, but the buyers gets a lower rate if rates fall. There is the opportunity for a one-time rate renegotiation or roll down, extension, or relock is allowed after a property is identified.
The Lock N Shop program is available to CMG Financial customers and CMG Financial wholesale mortgage broker partners, and is available on fixed-rate conventional, FHA, VA, and USDA mortgage loans with 30-year or 15-year terms. depending on the situation. The Lock N Shop rate protection program is not available for non-agency products or in the states of Massachusetts, New York, or Oregon.
“The last thing we want our clients worrying about when shopping for a home is their mortgage rate, that’s our job,” said Kim Callas, Executive Vice President, CMG Financial. “With the Lock N Shop rate protection program, home buyers get the peace of mind that their rate is locked and can take all the time they need to find the perfect home.”