Pre-Purchase Rate Protection – offered by only one bank in Cincinnati!
I learned about a new product recently that makes so much sense yet it is only offered by one bank in Cincinnati. It is called Pre-Purchase Rate Protection, by Coldwell Banker Home Loans. What is does:
– Gives every customer the opportunity to lock-in their interest rate BEFORE they have written a contract on a home. The rate protection is free and it is good for 90 days.
– No matter how high rates go, the customer will retain the capped rate
– If rates go down, the customer will have a one-time opportunity to “float down” and lock in a lower rate before closing
Why it is different:
– Other banks will not let you lock in a rate until you have found a home
Why it is important:
– Interest rates have been slowly rising, yet inventory is low during the holiday season
– With low inventory, the likelihood of finding a home and writing a purchase contract is less
– You can lock in your interest rate now and allow yourself 90 days to find a home, without worrying about what interest rates are doing
If you are interested in learning more about Pre-Purchase Rate Protection, contact me – Lindsay Annett Shapiro for more details at firstname.lastname@example.org. I will put you in touch with a fantastic mortgage consultant who can help you with this and more!
Team Annett Office