Now, you’ve got time on your side.
Interest rates are unpredictable. And remember, what goes down will eventually come back up. Without locking your rate, you could find yourself facing higher payments or even risking your qualification status. To eliminate any worry and make sure you get the lowest rate possible, we offer our Extended Rate Lock.
Our lock is flexible so you can be, too. Our Extended Rate Lock program locks a rate for up to 9 months (270 days), allowing you to buy or build with confidence. New home construction has so many variables that the schedule often fluctuates, leaving borrowers worrying about the interest rate changing while they wait for their house to be completed. Existing home sales can have delays, too, especially if it’s a short sale or foreclosure purchase. With our Extended Rate Lock, if your closing is delayed for any reason, you don’t have to worry because your rate isn’t going anywhere.
What if rates go down? The good news is that if interest rates lower, then your rate may drop, too! Borrowers can take advantage of a one-time float-down at an additional charge. Our Extended Rate Lock program applies to any home under contract. View terms>>
HomeReady® & Home Possible®
- Low-income borrowers
- 3% down payment financing option
- FICO® Score as low as 620
- Many types of down payment sources are acceptable
FHA
- Two-year history of employment
- Delinquent credit profile may be considered
- Eligible property types include single-family residence, planned unit development (PUD), condo, manufactured home, and 2–4 unit property
- Requires upfront Mortgage Insurance Premium (MIP), plus monthly insurance payments
- Certain credit verifications do apply
USDA
- Total household income limits apply; income tax returns are required
- Delinquent credit profile may be possible
- Eligible property types include single-family residence, planned unit development (PUD), condo, and manufactured home
- Requires upfront USDA Guarantee Fee, which is currently 1% of total loan amount, plus annual guarantee fee thereafter
- Certain credit verifications do apply
VA
- At least one borrower must be an active duty member of Armed Services, Reserves, National Guard, veteran discharged or released under conditions other than dishonorable, or be an unmarried surviving spouse of a veteran
- Eligible property types include single-family residence, planned unit development (PUD), VA-approved condo, manufactured home, 2–4 unit property
- Requires a one-time VA funding fee in most situations
Frequently asked questions
How are rates calculated?
How do interest rates affect my mortgage?
What are points?
What does it mean to "lock in" your rate?
Aren't the interest rate and the annual percent rate (APR) the same thing?
Not a commitment to lend. Conditions and fees 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.
