A Lock & Shop is a forward lock that protects the rate for the duration of the lock period.
The lock can be for 90, 120, 150, or 180 days. The lender charges a small premium to the current rate to assure the lock period and only comes into effect if the lock is exercised.
If the market continues to worsen, it is a no-brainer.
If it improves, the rate can be renegotiated.
A Lock & Shop is a true win/win for buyers with nothing to lose.
Call, text, or email me with questions or to secure a rate for your buyers.
