Make home shopping easier and a lot less stressful with a set budget in mind with Smart Lock from Draper and Kramer Mortgage Corp.. You can lock in a great rate today, before you even have a property selected, and take until September 30, 2017 to close.
- No Address Needed
- Shop Until September 30, 2017
Smart Lock is a great option when you want some security in a rising interest environment. A property 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.
Smart Lock includes a rate cap of 0.75% to the current 55 day rate to help protect you should rates jump up while you're shopping.
There is also a one-time float down option, so you can grab a lower rate if the market drops. The float down can be taken within 55 days of closing as long as the file is approved and you have a property address.
You can get Smart Lock on government and conforming fixed rate loans with a maximum loan amount is $417,000; there is no minimum loan amount. The loan amount on any loan type cannot increase by more than 10% of original locked loan amount. There is no limit on the loan amount decreasing.
For more information or questions on Smart Lock, please contact us any time.