Lock and Shop Program

Financing flexibility like our “Lock and Shop” and “Extended Locks” programs allow you to take advantage of today’s rates while buying or building your new home.

Shop with peace of mind and security. With this great product, you secure a great rate first and then take the time you need to find your dream home.

Features

• Lock your rate for up to 360 days* while you shop for a home.*
• Exercise a one-time float down
  within 60 days of closing.**
• Need to under contract at lease 30-45 days prior to expiration of the lock period.

FAQs

Q: How long can I lock in a rate?
A: You can lock for 60, 90, 120, 180, 270 or 360 days.

Q: Is there a cost to the Lock and Shop program?
A: There is no cost for the 60 or 90 day lock. For the 120, 180, 270 or 360-day lock, there is a .5% deposit that is collected at time of lock. This deposit is 100% refunded at closing.

Q: How does the lock work?
A: Your rate is locked in advance for the team you select when you apply with us. Your locked rate protects you from rising interest rates while you shop and select your new home. If rates rise above your locked rate, then you received your locked rate at closing. However, if rates stay the same or go down, you can exercise your float down within 60 days of closing to current market rates. There is no cost to the float down and your receive best available rate.

Q: What loan programs are available?
A: Our Lock and Shop program is available on all conventional and government loans.

Securing a mortgage is one of the most significant financial decisions you’ll make in your life, and finding the right loan program can be a daunting task. CMG Home Loans, a reputable mortgage lender, understands the complexities of the mortgage market. They’ve introduced the CMG Home Loans Lock and Shop Program to simplify the mortgage process and help borrowers navigate the intricacies of home financing with confidence and ease.

In this blog post, we’ll take a closer look at the CMG Home Loans Lock and Shop Program, exploring what it is, how it works, and the benefits it offers to homebuyers.

What is the CMG Home Loans Lock and Shop Program?

The CMG Home Loans Lock and Shop Program is a unique offering that provides borrowers with an opportunity to secure a mortgage interest rate before they even find a property to purchase. Traditionally, borrowers would find a home first and then apply for a mortgage, often racing against time to secure a favorable interest rate. With the Lock and Shop Program, CMG Home Loans has turned this process on its head.

How Does it Work?

1. Pre-Qualification: The first step is to get pre-qualified with CMG Home Loans. This involves a straightforward application process where you provide some financial information. Based on this information, CMG Home Loans will provide you with a pre-qualification letter, which gives you an idea of how much you can afford.
2. List and Lock: Once you’re pre-qualified, CMG Home Loans will allow you to “lock” your desired interest rate for a specified period, typically 30 to 60 days. This means that even if interest rates rise during that period, your rate will remain unchanged, offering you protection against market fluctuations.
3. Property Search: Armed with your pre-qualification letter and locked interest rate, you can confidently start your property search. Knowing your budget and having a locked rate can be a significant advantage when negotiating with sellers.
4. Loan Approval: Once you’ve found a property, you can proceed with the formal loan application process. Having your rate locked in advance simplifies this step and reduces the stress associated with securing a mortgage.

Benefits of the Lock and Shop Program

1. Rate Security: The primary benefit of the Lock and Shop Program is rate security. In a volatile mortgage market, having a locked interest rate can save you thousands of dollars over the life of your loan.
2. Increased Confidence: Knowing that you’re pre-qualified and have a locked rate allows you to house hunt with confidence. You can make competitive offers and act swiftly when you find the right property.
3. Saves Time: The traditional mortgage process can be time-consuming, with rate fluctuations causing delays. CMG Home Loans’ Lock and Shop Program streamlines the process, making it more efficient and less stressful.
4. Easier Budgeting: With a locked interest rate, you can budget more effectively, knowing exactly what your monthly mortgage payment will be.

Conclusion

The CMG Home Loans Lock and Shop Program is a game-changer for homebuyers, offering rate security, confidence, and a simplified mortgage process. By pre-qualifying and locking in your interest rate upfront, you can focus on finding the perfect home without worrying about market fluctuations. This program is a testament to CMG Home Loans’ commitment to making the homebuying experience as smooth and stress-free as possible. If you’re in the market for a mortgage, consider exploring the benefits of the Lock and Shop Program for yourself.