The RateFlex Advantage
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 RateFlexSM 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 10 days 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.
Our RateFlexSM Program requires a small deposit which is credited at settlement. In other words, there is no extra cost to you. The RateFlexSM option is not available for all programs and I can let you know quickly whether you would be eligible for this option.
McLean’s RateFlexSM Program is just one way we make the process easier for you. If you are ready to start the process we also offer our LoanFirstSM Pre-approval Program which is designed to give you more negotiating power with regard to contract offers.
The RateFlex™ Program requires a small fee at intent to proceed which will be applied to closing costs at settlement. You can float down the rate at no cost and with no further fees one time only. The relock may occur at any time, but no later than 10 calendar days before the closing date. Not available for all programs. This is not a commitment to lend. Program availability and guidelines are subject to change. Contact us for more information.