Interest rates are unpredictable! And remember, what goes down will eventually come back up. Without locking rates, your homebuyers could find themselves facing higher payments and in rare cases, risking their qualification status. To help eliminate any worry and make sure your clients get the lowest rate possible, we offer our Extended Lock Program. This program allows your borrower(s) to lock in an interest rate for a period of 120 or 180 days with a one-time float down option. The lock program requires an upfront refundable fee at the time of rate lock.
"Fairway Wholesale Lending is excited to introduce the Extended Rate Lock option for your borrowers who are building a new home, allowing them to build with confidence, knowing they are protected if interest rates raise during construction. If rates go down, then your borrowers can take advantage of a one-time float down within 30 days of closing," said Adam Millstein, Vice President and National Sales Leader of Third Party Production.