blog iconBLOGS


Lock N Shop Rate Protection Program Now Available

Posted On March 20, 2019

article image

Want to give your clients peace of mind when they’re shopping for a home?  Mortgage rates fluctuate for a number of reasons, and the last thing you want to tell your client is that they can no longer afford the home they love.  With the new Lock N Shop rate protection program, from CMG Financial, your clients can lock their rate for 60 to 90 days and shop with confidence.  

How it Works:

  1. Client gets preapproved for mortgage financing – once we issue the preapproval letter they have the option to lock their rate for 60 to 90 days.
  2. Client shops for a new home with confidence – they will have 45 days from the lock date to identify a purchase property. In some cases, an extension or relock may apply.
  3. Rates rise or fall – if rates rise, their rate stays the same. If rates go down, they get a lower rate.  It’s that simple!
  4. Client makes a stronger offer – with our quality preapproval, you can stand out from other mortgage brokers. We’ve already started the home financing process and can ensure a faster transaction.
  5. Client buys a new home – and you earn more referrals!

The Lock N Shop rate protection program is available on fixed-rate Conventional, FHA, VA, and USDA with terms of 30 or 15 years.  A one-time rate renegotiation/roll down is allowed after a property has been identified.  Please note, this program is not available in Massachusetts, New York, or Oregon and it is not available for non-agency products.

If you have any questions about the Lock N Shop rate protection program, please let me know.