Extended Rate Lock: Lock Your Rate in Early and Relax!

Extended Rate Lock: Lock Your Rate in Early and Relax!

What is an Extended Rate Lock?

An extended rate lock is a mortgage loan option that allows home purchasers to “lock” in today’s interest rate and guard themselves from the added cost of rising rates before they settle on their new home. A lower interest rate translates into a lower monthly payment, making extended rate locks particularly valuable in a market where rates continue to rise.

First Home Mortgage’s program offers the upfront safety of a locked interest rate for up to 350 days while you wait to settle on your new home!

Who Can Benefit from an Extended Rate Lock?

This is a particularly valuable tool for homes that are under construction. Extended locks secure your interest rate and protect you from the potential of paying a higher rate at the time the home is completed.

What Are Your LOCK OPTIONS?

Fixed Rate Loans: Lock in interest rates for 110-350 days!*

ARM Loans: Lock in interest rates for 110-170 days!*

*Non-refundable up-front lock fee applies. Fee percentage varies based on loan type and length of rate lock.

Want to Learn More?

If you think this program might be right for you, please reach out to one of our experienced Loan Officers today! We’re here to answer all your questions and help you select the best possible loan option to suit your needs!

Related Posts

Introducing First Home Advantage Featured
Introducing First Home Advantage

We’re excited to announce the launch of our new First Home Advantage program! We couldn’t be more excited about this chance to provide exceptional service to first-time homebuyers — this new program is an opportunity to level the playing field for those who may have been overlooked in the past due to issues with their […]

November 10, 2022
Full Post
What to Know About Refinancing an ARM Loan to Fixed-Rate
What to Know About Refinancing an ARM Loan to Fixed-Rate

If you have an adjustable-rate mortgage—commonly referred to as an ARM—you may be wondering when and if you should refinance to a fixed rate home loan. There are numerous factors you should consider when you think about refinancing, and even more to think about when it comes to making the switch from an ARM to […]

August 18, 2022
Full Post
Jumbo Arm Loans – Secure a Low Initial Interest Rate on Loan Amounts Up to $3m!
Jumbo Arm Loans – Secure a Low Initial Interest Rate on Loan Amounts Up to $3m!

What is an ARM Loan? When securing home financing, some borrowers wonder whether to choose a fixed-rate or an adjustable-rate mortgage (ARM). An ARM is a home loan with an interest rate that adjusts over time to reflect market conditions. With hybrid ARMs, borrowers may access a below-market rate for a fixed term (normally 3-10 […]

July 14, 2022
Full Post

Connect With Us