We know the journey to homeownership can be intricate. After you apply and are approved for a mortgage, the next step is finding that dream home. At Pacific Residential Mortgage, we work with you on the loan details, and your realtor will work with you to find the home that fits your exact needs and goals. We’re also committed to holding up our end of the deal, especially the purchase price and interest rate we’ve approved you for. This is why we’re proud to offer our RateSafe program.
Lock, Shop, and Own
RateSafe is a 90-day interest rate “lock-in” that confirms the interest rate we offer you will stay the same for 90 days while you shop for the right home. With RateSafe, you can shop for your home knowing exactly what you can afford, without fear of the market changing.
- 90 Day Lock-In Commitment
- Minimum 620 Credit Score
- Must Occupy Home as Primary Residence
- No Manufactured Housing
- Condos, PUDs, 2-4 unit housing all acceptable
- No Geographic Restrictions
- Eligible for Conventional, FHA, and VA loan programs
Q. What factors affect my interest rate?
A. Truthfully, there are some outside market factors that are completely out of your control. However, there are ways you can improve your interest rate on your own.
Q. What happens if interest rates go way down after I lock? Is it going to cost me extra money to get my rate lowered?
A. With RateSafe, there is a one-time option to “float down” your interest rate at the time you submit your fully signed purchase contract. Contact your mortgage banker for more information on this!
Q. Once the rate is locked, do I have the full 90 days to find a home?
A. Not quite. Just like with a typical rate lock program, the lock period has to cover all the way through the closing process. With a RateSafe lock, you will need to have a fully signed contract by the 45thday.
This means you get a month and a half to shop for your dream home without having to stress about rising interest rates affecting your purchase power. Once your contract is in, the remaining 45 days will be used for the time it takes to get a home inspection, complete potential re-negotiations, an appraisal, final underwriting, and closing your loan.*
Q. Aside from protecting my rate, is there any other benefit to the RateSafe program?
A.Yes! In addition to the peace of mind provided by knowing your interest rate isn’t going to change, RateSafe can potentially help you stand out in a competitive buying market.
You’ll already have an official underwriting approval and a locked-in interest rate, which will make you a more attractive potential buyer when compared to someone who just has a pre-qualification or even a pre-approval letter.
With RateSafe you can shop with confidence knowing the interest rate you agreed to will remain – regardless of changes in the market. **
Are you ready to start your journey? Fill out the form below to ask a question or contact a Mortgage Advisor.