Planning to buy a home this year? If you’ve been keeping a nervous eye on news from the Federal Reserve, wondering if you’re missing out on your best mortgage rate because you’re not ready to close, an extended rate lock might be just the thing you need to move forward with confidence.
What is an extended rate lock?
A buyer typically has sixty days to close a loan after locking in a mortgage rate. With an extended rate lock by HomeAmerican Mortgage Corporation, you can extend that period to 350 days by paying a small locking fee.
What if mortgage rates are lower by the time I’m ready to close?
No worries. If you lock in a rate and a better one becomes available within sixty days of the loan’s closing date, you’ll have one opportunity to float down to that lower rate.
Why should I consider an extended rate lock?
If you’re not going to close on your new home within sixty days, an extended rate lock could be a way to protect yourself from future rate increases. The extra time could allow you to build your dream home from the ground up, personalizing it with structural options, cabinets, flooring, countertops, home technology and more—without worrying about an unpredictable mortgage market.
HomeAmerican Mortgage Corporation has multiple extended rate lock terms available. Contact a loan officer at 866.400.7126 for more information.
Rates are subject to change without notice. HomeAmerican Mortgage Corporation’s principal offices are located at 4350 S. Monaco Street, Suite 200, Denver, CO 80237 (NMLS Unique Identifier #130676; NMLS Consumer Access website: http://www.nmlsconsumeraccess.org), 866.400.7126. Arizona Mortgage Banker license #0009265. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act. In Nevada, all advertised loans are offered and funded by HomeAmerican Mortgage Corporation, 7770 S. Dean Martin Drive, Suite 308, Las Vegas, NV 89139, 702.638.4450, License #67.