Draper and Kramer Mortgage Corp. Extended Lock is perfect if you are building new construction or are closing at a later date. This program allows you to take advantage of today’s market by locking in a rate for up to 360 days. There’s a rate cap included, so you’ll have protection in a rising rate environment, and there's a one-time float down, so you can get a lower rate if the market drops.
- Perfect for New Construction
- Rate Cap Included
- One -Time Float Down Included
Extended Lock is available on all conforming fixed rate and government fixed rate loan programs with no minimum loan amount, and you'll need to have a property at the time of lock. The loan amount cannot increase by more than 10% of the original locked loan amount, but there is no limit on the loan amount decreasing.
The amount the rate is capped with Extended Lock depends on when you lock and for how long. The one-time float down can be taken within 55 days of closing as long as the loan is approved.
There is a refundable fee of 1 point of the loan amount, a maximum of $3,000 on fixed rate loans and $6,000 on jumbo ARMs. This fee is due within 5 days after we receive your signed Intent to Proceed and is fully refunded when the loan closes with Draper and Kramer Mortgage Corp.
For more information or questions on Extended Lock, please contact us any time.