Derek McGowan explains a mortgage product that locks your interest rate for up to six months while you shop for a home. If rates drop, you can float down to the better rate. It's designed for buyers who want rate security in a volatile market.
Exciting news. We can now lock our buyers interest rates while they shop for their new home even without a formally accepted offer on the property. Our lock and shop option gives our borrowers rate security which is huge in today's mortgage market with 45, 60, 90, 120 even 180 day interest rate lock options. So while the normal process has always been get your offer accepted and then the lender can lock in your interest rate at that time or we have flipped the script and now we can lock in your interest rate for up to six months which allows you the peace of mind to find your new home and not be negatively impacted by the volatile mortgage market of today. The best part, if the rate improves as the buyer finds their new home we can float down to the better rate so you're not held to that higher rate option. I'm Derek McGowan with the McGowan Mortgage Team. Let us know if this game changing option could help you and your family today.
