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Primary Capital’s industry leading LOCK, SHOP & DROPSM program offers FREE Loan Approval and FREE Rate Protection from rising rates while giving the option to lower the rate if rates drop…all at NO COST. A true win-win mortgage solution.
PROGRAM HIGHLIGHTS
> LOCK in a rate BEFORE you have a property to secure these historical low rates
> SHOP for a home with the confidence of a full written loan approval and assurance your interest rate will not increase
> DROP to a lower rate for FREE if available prior to closing
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CALCULATE THE SAVINGS
On a $250,000 loan amount, a .75% increase in rates would increase the payment by more than $110 per month or $6,600.00 over 5 years! Another way to look at it: A 0.75% increase in rate could reduce the sales price a borrower would qualify for by $20,000 or MORE depending on their specific situation.
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Q: What programs offer the LOCK, SHOP & DROPSM feature?
A: Most programs we offer!
- This Program is available for Conventional, FHA, VA and USDA on both fixed and ARM loan programs.
- It is available on lock periods from as little as 30 days and for up to 270 days!
Q: What is the cost for this program?
A: This is truly a FREE program
- We do not charge a higher rate for this program and we do not collect any deposit
- There is no additional fee or charge for this program.
- We give you this option in writing when you lock in the rate with us the first time. No surprises.
Q: How exactly does the LOCK, SHOP & DROPSM program work?
A: The explanation below breaks down each step
LOCK - Rates are very volatile and can increase without warning and often will increase very quickly. Most lenders do not allow you to lock a rate in before you have a property. If rates increase as little as 1/4% during the 30 days you are searching for and securing an offer on your new home, on a $200,000 loan that could cost you over $30 per month. Why risk getting a high rate
SHOP and APPROVAL - In today’s crazy mortgage environment where qualifying guidelines have changed and tightened up considerably since 2008, it is critical that a homebuyer select an experienced and helpful loan officer early in the process and make a loan application and get pre- approved for the amount of a mortgage loan you are comfortable with. This will avoid problems and frustration later in the process and best of all, with a full written approval, will make you the next best thing to a cash buyer. (Providing a written approval at the time you make an offer to purchase a home shows the seller you are serious and qualified to buy their home and may allow you to close on the sale faster if that is needed.)
DROP - Most lenders do not give you a FREE chance to lower your rate if rates improve. The industry standard is that once you have locked a rate, you are stuck with that rate even if rates drop significantly. Primary Capital has chosen to give our clients one chance, absolutely FREE, to improve the rate. If you can improve your rate by 1/8% or more between 45 days prior to closing up until 5 days prior to closing at anytime, just let us know and we will give you the lower rate. No fee charged, no add-on to the rate, no gimmicks, it’s really free and it’s that simple.
This is why we consider this a “no risk” mortgage program - there is no cost to take advantage of the program, you can guarantee yourself that rates don’t increase, but still benefit if rates improve.
Q: I can really lock in a rate without having a property?
A: Yes, unlike almost every other lender, you can lock a rate today and make sure rates don't go up while you shop for a home.
Q: What if I change properties?
A: The lock stays in place even if you change properties.
- An example is that the contract falls through and you move on to make an offer on an additional house. That is OK, the lock-in is made to you as the borrower.
Q: Do I get a guarantee to lower my rate in writing?
A: Absolutely. and Don't accept anything from another lender unless it is in writing and signed.
- We are one of the only lender’s that has a set policy that gives the homebuyer the ability to “float down” and we give you that in writing up front. Primary Capital has offered this option for many years now and has benefited thousands of our mortgage clients. If you do not get this in writing from another company, then the option does not exist.