Lock & Shop
With Draper and Kramer Corp. Lock & Shop, you can take advantage of a great market and lock in a low rate before you even have a property selected. This means there is no worry that your budget will break or purchasing power will be lost if rates jump up while you shop for the perfect home.
- No Address Needed
- Up to 90 Days to Shop
Lock & Shop is ideal when you believe rates are headed for an increase or just want some security in a volatile market. A property address is not needed at the time of lock. Once a property is selected, the loan becomes a normal lock and the address cannot be changed without following standard relocking rules. Select a 60 day shop period, or select a 90 day shop period for a 1/8th point rate increase.
You can get Lock & Shop on any conforming fixed rate or government fixed rate loan program. The maximum loan amount is $417,000. There is no minimum loan amount. The loan amount cannot increase by more than 10% of original locked loan amount once you have a property selected. There is no limit on the loan amount decreasing.
For more information or questions on Lock & Shop, please contact us any time.