🔒 Lock in Those Mortgage Interest Rates
If you’re shopping for a home in today’s competitive market, you’ve likely realized how quickly interest rates have increased over the last few months! Interest rates will affect your monthly mortgage payment, how much you’ll pay over time to your lender for your residence, as well as possibly affect how much you qualify for on a home loan, so ideally, you want them to be as low as possible.
Since no one can predict the future, you may want to protect yourself from increasing rates now through our SecureLock Program.
The SecureLock Program was established to help potential home buyers and sellers lock in mortgage interest rates at today’s rates for a period of up to 12 months. Our SecureLock essentially means that you’ll be free to look around for a new home without worrying about future increases in mortgage interest rates.
In addition, if mortgage interest rates fall before you close on your new home, you’ll be able to take advantage of the new rate with our Float Down features!
Our SecureLock give you an extra tool in today’s seller’s market. We’re seeing home values skyrocket, but available housing inventory hasn’t quite caught up to match demand.
Thus, buyers who already have their pre-approved mortgage papers in hand are much more likely to have their offer accepted on the home of their dreams. And what’s better, once you’ve been approved for SecureLock, you won’t need to worry about future increases to mortgage interest rates while you’re shopping around.
*To qualify for this program, APM must give full credit approval to all borrowers on the loan. There are specific terms for each lock, based on which variation of the SecureLock program is used. Contact us today for full details.
SecureLock is a great program for pretty much anyone. There are three separate parts:
The lock and buy program is for individuals who are searching for a new home now. It’s great for first-time homebuyers who want to take advantage of rate-locked interest rates while looking for a home that suits them. Under Lock and Buy, you are guaranteed the interest rate that you qualify for when you apply for a loan for up to 12 months.
If you need to sell your current home before you purchase a new one, the Lock and List program is for you. You’ll be able to shop for a new home while waiting to sell your current one. Once you’re fully approved for a mortgage loan, you’ll have peace of mind that the interest rate won’t change while you’re waiting to sell your home.
Finally, for those who are building a home, Secure Lock also allows you to lock in mortgage rates during the time that the home is being built. It can also be used on construction loans, which are commonly used to build a home before being transferred into a more traditional mortgage.
If you’re interested in using the SecureLock program, you’ll need to obtain full credit approval for your mortgage loan. This requirement means that you’ll need to go through the entire mortgage loan application process.
Before applying for your mortgage loan, it’s helpful to pull your credit report from all three credit bureaus. This strategy allows you to review the details each report contains. If you notice any discrepancies, now is the time to take care of them.
You’ll also get a copy of your credit score. If your credit score is low, you can attempt to increase it by paying down debt. A good rule of thumb is that your overall credit usage to the maximum amount allotted should be 40% or less to qualify for the best mortgage rates.
Next, you’ll want to determine the amount you’re able to put down on your mortgage.
There’s a pervasive myth in society that you’ll need to have at least 20% of the home purchase price available to put down on your purchase, but that’s untrue. Depending on the mortgage loan that you choose, you may put down anywhere between 3% and 20%.
Finally, you’ll want to put together all of the documents that you need to provide for your mortgage approval. These documents include pay stubs, bank statements, W-2s and tax returns for the past two years, and any other proof of income or assets that you own.
If SecureLock sounds like it’s for you, contact Big Valley Mortgage. Talk to your Loan Officer and learn about the costs associated with this program and the steps needed to qualify for the SecureLock program.
This program is tremendously helpful for future homebuyers who don’t want to be rushed into purchasing a home and need the time to shop around to find their perfect match! Learn more about SecureLock and request a quote from Big Valley Mortgage today.