Lock, Shop and Go: 90-day Rate Lock Option
Unlock Peace of Mind in Home Buying with Fairway’s Lock, Shop, and Go Program
In an economic landscape where uncertainty seems to be the only certainty, one of the biggest concerns for homebuyers is the fluctuating interest rates. Whether you’re a first-time buyer or looking to upgrade your living situation, Fairway’s Lock, Shop, and Go Program is a groundbreaking solution designed to eliminate the guesswork from your mortgage rate during the home search. Let us delve into how this unique program brings unparalleled peace of mind to your home-buying journey.
Lock, Shop & Go Program Eligibility and Available Programs
If you’re in the market for a new home, you’re likely mulling over a range of mortgage options: Conventional, FHA, VA, or USDA fixed-rate programs. The good news is that Fairway’s Lock, Shop, and Go is available on all these purchase transactions. Yes, you read that right—all of them. This accessibility ensures a wider reach for potential homeowners like you.
Lock in Your Massachusetts Mortgage Rates, Absolutely Free
How many times have you been excited about a program only to find out there are hidden costs involved? With Fairway, what you see is what you get. Our Lock, Shop, and Go program allows you to lock in the mortgage rate for 90 days with NO additional fee. You can continue your search for your dream home without the hovering cloud of rising interest rates.
Rate Adjustments: The Fairway Mortgage Safety Net
But what if the rates drop? Are you locked into a higher rate? Absolutely not. If the market conditions favor you, Fairway adjusts your rates. Provide a signed purchase agreement within three days of signing, and we update your initial lock to a final lock for up to 60 days at the improved market rate. It’s not just a safety net; it’s a winning proposition.
No More Rush: Take Your Time to Find the Perfect Home
Time pressure can make anyone settle for less. But why should you compromise on something as important as your dream home? The Lock, Shop, and Go program ensures that your rate remains in place for a specific period, allowing you to scour the market, compare, and find the right home with no strings attached.
Empowering Your Financial Planning
Here’s an aspect people often overlook: Knowing your interest rate in advance can dramatically impact your long-term financial planning. You can accurately calculate your future mortgage payments, making it easier to balance other expenses and investments. With the Lock, Shop, and Go program, you’re not just buying a house; you’re securing financial freedom.
Simplicity in Paperwork: A Hassle-free Process
While the focus is predominantly on rates, let’s not forget the simplicity Fairway brings to the table in terms of paperwork. The transition from an initial lock to a final lock upon the availability of a signed purchase agreement is seamless. In fact, you’re looking at a straightforward, no-nonsense route to locking in your future.
Why Choose Fairway’s Lock, Shop, and Go Program?
- Rate Security: Shield yourself from market fluctuations.
- Freedom to Shop: No need to rush into making a lifetime decision.
- Financial Planning: Clear foresight for a secure future.
- Zero Hidden Costs: Honesty and transparency at every step.
So, are you still on the fence about your home-buying decision due to volatile interest rates? Put those concerns to rest and empower your choices with Fairway’s Lock, Shop, and Go program. Secure your rate today and shop for your dream home tomorrow, worry-free.
FAQ
Find Out Answers Here
Conventional mortgages hold the title as the most popular type, with lenders originating more than 4.1 million conventional loans in 2022. This contrasts with over 1.3 million nonconventional mortgage originations, including FHA, VA, and USDA mortgages, highlighting the diverse needs of homebuyers.
VA loans often feature the lowest interest rates, benefiting from the support of the Department of Veterans Affairs. However, FHA mortgages also offer competitive rates, particularly for those with less-than-perfect credit histories. Ultimately, securing the best rates depends on various factors, including credit score, debt-to-income ratio, property type (single-family home, condo, or multi-family and down payment size.
FHA mortgages are generally considered the easiest to qualify for, designed to assist those with lower incomes or less-than-ideal FICO scores. If you’re finding it challenging to qualify for a conventional mortgage, an FHA loan could be a viable path to homeownership.
Many first-time homebuyer programs allow buyers who haven’t owned a property in the past three years. This includes divorced spouses who have only jointly owned a home with an ex-spouse.
Choosing the best mortgage lender will depend on the home loan options you’re applying for, how much you want to borrow, the term of the loan, mortgage interest rate, and many other factors. Review our guides for best mortgage lenders, top FHA lenders, and best VA lenders.
Choosing the right mortgage is a significant decision that will impact your finances for years to come. Whether you’re considering a loan backed by the U.S. Department of Veterans Affairs to take advantage of lower mortgage rates without the need for upfront mortgage insurance or exploring a USDA mortgage to purchase a home in a rural area, tools like a mortgage calculator can be invaluable. They help you understand the total loan cost, including the life of your loan and potential higher monthly payments. Remember, making a down payment can reduce your monthly obligations and increase the equity in your home from the start. Ultimately, the best path forward involves careful consideration of your ability to qualify for a mortgage, the type of loan that suits your financial situation, and how long you plan to stay in your home, ensuring you select the mortgage that aligns with your long-term goals.
