A "Roll Down" at the time
your loan documents are drawn. You now have the
ability to lock your loan today and still benefit from a better
market tomorrow. The 90 day lock is the same costs on the
Lock & Shop program. You simply pay the costs when you
lock as opposed to at escrow.
A significant cost savings over other
lock programs. You can save up to .750 in loan points with a limit to how much your rate may
increase if rates worsen. You can now lock a rate for over 5
months and not have to pay typical extended lock fees (WITHOUT
OFFERING A ROLL DOWN).
Lock
Period
Normal Lock
Cost based on
a 60 day rate
Lock & Shop
Cost based on
a 60 day rate
Lock
& Shop
Savings
90 Day
0.500 Pt.
( 0 Upfront)
0
(+.50 Upfront)
Roll Down @ "Doc-Draw"
115 Day
0.625 Pt.
(+.50 Upfront)
0.125 Rate Cap
(+.50 Upfront)
.625 Pts Plus a
Rate Roll Down
135 Day
0.500 Pt.
(+.50 Upfront)
.250 Rate Cap
(+.50 Upfront)
.500 Pts Plus a
Rate Roll Down
165 Day
0.750Pt.
(+.50 Upfront)
.500 Rate Cap
(+.50 Upfront)
.750
The Lock & Shop is available for the following programs: Conventional 30 and 15 year
Conventional 7 year balloon
Government 30 Year (FHA and VA)
Jumbo 30 and 15 year
The upfront fee is non-refundable and must be paid
immediately after locking your loan.
Lock & Shop 
Conventional 30 and 15 year
