What’s an extended rate lock?
Instead of the typical 60-day lock-in period, buyers who get an extended rate lock can secure a rate for up to 350 days. If rates go up, they’ve saved some money. If rates drop, buyers have the option to float down if it’s no sooner than 60 days prior to closing.
How will my clients save?
Usually, there’s a $750 extended rate lock fee, but this month, Richmond American is paying the fee for buyers who contract by 10/31 and finance through HomeAmerican Mortgage Corporation (NMLS # 130676).* That means your clients get this extra peace of mind without paying extra out of pocket!
*Offer is valid on new contracts with Richmond American Homes signed between October 1 and October 31, 2019, when financing is provided by HomeAmerican Mortgage Corporation. See licensing information below. Borrower may lock an interest rate for up to 350 days, with a one-time option to re-lock the rate no sooner than 60 days prior to closing if interest rates decrease during the rate lock period. Offer is for owner occupants only and is subject to market availability and buyer qualification. A $750 extended rate lock fee will be paid by Richmond American Homes. No upfront costs for rate protection are required of the borrower. Offer is valid only on fixed-rate loan programs with a loan amount up to $484,350.00. Offer is subject to change according to loan type, loan amount and loan program. Actual rate will be based on the rate at time of interest rate lock. Total promotion amounts provided for using HomeAmerican Mortgage Corporation cannot exceed 3% of the base price of the home. Additional terms and conditions may apply. Visit a Sales Center for details. Funds are limited and available on a first-come, first-served basis.