One of the most perplexing decisions someone has to make when purchasing a home is when to lock in an interest rate on their new mortgage. At McLean Mortgage Corporation we not only provide competitive rate quotes, we also provide an option designed to make the decision easier and less stressful.
Typically a mortgage company provides two options:
- You can lock in the rate. That means you are protected against future rate increases as long as you close on time. However, you cannot benefit if rates go down after you lock in your rate.
- You can float the rate. That means you are not protected against rate increases, but you get the benefit of rate decreases before settlement.
Our RateFlex Program provides a standard rate lock which protects you against rising rates after you sign your purchase contract. McLean Mortgage then goes one step further by allowing you to relock your rate if rates go down. You can relock any time after your loan is approved and up to one week before closing
This takes the stress out of the decision. You can have the safety of a lock and get a lower rate if the market improves. It is a win-win situation.