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Pre-Purchase Rate Protection – offered by only one bank in Cincinnati!

Posted on December 6, 2010 by tim in Buying, Home Buyer Programs, Mortgage

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 lindsay.shapiro@cbws.com. I will put you in touch with a fantastic mortgage consultant who can help you with this and more!

 


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