Locking Your Rate While You Shop For A Home

Locking your mortgage rate has traditionally been done after you get an accepted offer.  Which means you likely have gone through the pre approval process, you’ve discovered what your payments will be, how much you qualify for and all the Mortgage details.  But what if you have been looking at homes for 6 months?  With rates changing on a daily basis buyers are finding a higher rate now than when they started looking for homes.

Lock & Shop

The last thing you want are Rising rates to pressure you into buying a home you’re not comfortable with.  This happens more often than not, that’s why we came up with the Lock & Shop option.  This allows you to get pre approved and lock your rate while you shop for your home.

How It Works To Your Advantage

Most lenders such as banks and mortgage bankers don’t have the advantage a Mortgage broker does in this situation.  Your standard banker will establish your pre approval upon the first meeting, let you know what you’re approved for and send you on your way to look for a home.  During this time rates are changing every day.  One of the ways we are able to set ourselves apart is to lock your rate for 60 or 90 days upon Pre-approval.  This gives you the advantage in two distinct ways:

1) You are not pressured to find a house due to the cost of financing

You don’t have to constantly worry about the rising rates every day and allow that to be such an influence in your day to day search.  The Federal Reserve meets 8 times a year to discuss economic policy and the direction of our interest rates, for the last several years their unanimous decision has been to raise rates. You are no longer subject to worrying about their policy and how it will immediately effect your rate.

2) You Can Revisit Your Lock Every 60-90 days

There are no penalties or cost to the lock & shop feature.  You can revisit your lock every 60-90 days and renew it at current market rates.  As long as you close your loan within the lock period you are permitted to keep that rate.  It’s a huge advantage in a market where rates are increasing daily.

Here is how it works:

What If I Don’t Find a House In Time?

Not to worry, if you get pre-approved with the lock & shop program and do not find a house in the specified time; you can simply renew your pre-approval.  Most mortgage pre approvals are only good for 60-90 days before the lender will require you to re-apply.   You might as well secure your rate for that time instead of gambling it on the market.

What If Mortgage Rates Decline, Am I Still Obligated?

That’s another advantage of working with a mortgage broker like us, if mortgage rates decline we are able to renew your application at the current market price.  Meaning if the rate is lower when you find a house you are not obligated to fulfill your lock & shop obligation.

How Do I Apply?

If you want to know more you can contact me here or use my contact information below.  We can discuss over the phone your qualifications and if you are still interested, proceed with a 20 minute meeting discussing it further.


Thank you for reading, have a good day!




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 Justin Scott

Loan Officer

NMLS 878581

  1. C) 920-530-4484
  2. O) 920-490-8823
  3. F) 920-490-8967

Executive Mortgage

NMLS 271650

909 . E Walnut Street

Green Bay WI 54301