Draper and Kramer Corp. Mortgage Smart Lock Date Extended to November 30, 2015
LOMBARD, Ill. – May 12, 2015 – Draper and Kramer Corp. Mortgage, a Draper and Kramer company, one of the top 100 Mortgage Bankers in America, has extended the Smart Lock shopping period to November 30, 2015.
With Draper and Kramer Corp. Smart Lock, borrowers can take advantage of a great market by locking in a rate today, before having a property selected, and now shop until November 30, 2015. There’s no worrying about breaking your budget or losing purchasing power if rates sky rocket during the shopping period. Once a property is selected, the loan becomes a normal lock and the address cannot be changed without following standard relocking rules.
This program is available on government and conforming fixed rate loans as well as 5/1 and 7/1 Jumbo ARMs. 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. There is no limit on the loan amount decreasing. The up-front fee of 1 point of the loan amount or $3000, whichever is less, is due within 5 days of locking. This fee is fully refunded when the loan closes with Draper and Kramer Corp. Mortgage.
The rate lock can be extended for 15 days for a 1/4 Point, for up to a total of 2 months. The one-time float down can be taken within 55 days of closing. The file must be approved, have property address, and then float down to current 40 day price.
A new lock agreement must be executed when the float down option is exercised for all loans in Colorado. This program is not available in Oregon.
For more information on Smart Lock from Draper and Kramer Corp. Mortgage visit: www.1amllc.com/lockshop/smart-lock.php.
About Draper and Kramer Corp. Mortgage
Draper and Kramer Corp. Mortgage is the residential mortgage division of Draper and Kramer, one of the country’s premiere full-service real estate and financial firms. While still a family-owned company, headquartered in Chicago, we help identify and structure mortgage financing programs for clients across the United States, and have been doing so since 1893. Visit http://dkmortgage.com to learn more about Draper and Kramer Corp. Mortgage.