{This is a guest post.}
While interest rates remain at historic lows, and the real estate market nationwide has stabilized, the lack of adequate inventory in the local real estate market is creating anxiety for people interested in purchasing their first home, or moving up or downsizing to a new home.
Luckily, Fairway has a solution. Our Extended Lock Program allows borrowers the option to lock an interest rate for a period of 120, 180, 270, 360 days with an adjustment to the rate/pricing.
You have found a home or condo that is currently under construction…
You are concerned about the timing between buy and sell dates and want reassurance that you will not be rushed out of your current home before you are ready…
What this means is that borrowers can extend their closing date beyond the typical 60 day period by as much as a year, if needed. In addition, there is a one-time float down option that can be exercised within 60 days of closing or rate expiration, whichever comes first, as long as the rates have dropped by more than 1/8th.
There is an up-front fee, refunded at closing, and borrower eligibility will be determined prior to issuing the lock. This is a fantastic opportunity to lock in at today’s rates, with the option to adjust should they get better, while allowing people the comfort to close on a new property in an unrushed time frame that can accommodate their needs.
Contact Justin Tulman to learn more!
