Lock + Shop
Shop with peace of mind and security. With this great program, you secure a great rate first and then take the time you need to find your dream home.
Lock + Shop features include:
- Lock your rate for up to 180 days* while you shop for a home.
- Exercise a one-time float down within 60 days of closing.**
- How long can I lock in a rate?
You can lock for 60 to 360 days on our program.
- Is there a cost to the Lock + Shop program?
For 120 to 360 day locks, there is a 0.50% fee that is collect at time of lock. The lock fee is 100% refunded at closing.
- How does the lock work?
Your rate is locked in advance for the term you select when you apply with the lender. 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 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 you receive the best available rate.
- What loan programs are available?
Here's the good news. Our Lock + Shop program is available on all conventional, FHA, VA, and USDA loan programs. Our team has many financing options available to you.
Frequently Asked Questions
*Eligible programs include conventional conforming and high-balance fixed rates, adjustable-rate mortgages (ARM), FHA, VA, and USDA fixed rate loans. Extended rate locks may require a rate add-on and an up-front lock-in fee. A portion of the up-front lock-in fee may be refunded at closing. The refund amount is dependent upon the rate lock commitment period and rate add-on.
‡Rate lock extensions may be available to the builder or customer per HomeBridge’s policies and may involve rate add-ons and/or additional fees.