In fact, your rate may even go down! The Embrace Home Loans Extended Rate Lock program will lock your rate for up to 270 days (9 months), allowing you to buy with confidence and ease.
Interest rates can rise dramatically in a short period of time. Without locking and protecting your interest rate, you could find yourself facing higher payments and maybe even risking your qualification status. Borrowers worry a lot about how much interest rates could change while they’re waiting for their new home construction to be completed, for the closing of their short sale or foreclosure purchase, or for any other reason a closing might be delayed. Our Extended Rate Lock program takes that worry away, and applies to any home under contract.
1. Once you’re under contract, we can lock your interest rate for up to 270 days (9 months).
2. If interest rates continue to increase, your rate is protected.
3. If interest rates drop, your rate may drop too!
• Purchasing a new construction home
• Purchasing a short sale or foreclosure
• Anyone anticipating delays in their closing
• Contingent on selling their own home
Call us today for more details on this program.This is not a commitment to lend. Other conditions or fees may apply. Embrace Home Loans reserves the right to cancel this offer at any time. Interest rates are determined on the day you lock your rate. If published rates fall below your locked rate, Embrace Home Loans will allow a one-time offer to re-lock your rate at the lower rate (float-down). Float-down up-front rate lock fee is refundable if loan is closed within lock period. Additional fee applied if float-down is utilized.