Buying a home is a significant financial decision, and one of the most crucial aspects is securing an interest rate that suits your budget and financial goals. In a market where interest rates can fluctuate, having the option to lock in your rate provides peace of mind. That’s where a 90-Day Lock and Shop Program comes into play. In this article, we’ll explore the advantages of this program and why it’s a smart choice for homebuyers.

What Is a 90-Day Lock and Shop Program?

A 90-Day Lock and Shop Program is a mortgage option that allows homebuyers to secure their interest rate for a fixed period of time, typically 90 days, while they search for their dream home. This program provides essential benefits that can make the home buying process more manageable and less stressful.

1. Rate Lock in a Volatile Market

In a volatile market, interest rates can fluctuate daily. By choosing a 90-day lock and shop program, you protect yourself from potential rate increases. This means that even if market rates rise during the 90 days, your rate remains fixed at the initial, lower rate. This peace of mind ensures that you won’t be caught off guard by rising rates while searching for your ideal home.

2. More Time to Find the Perfect Home

House hunting can be a time-consuming process, and sometimes it takes longer than anticipated to find the perfect property. With a 90-day lock and shop program, you have the freedom to search for your dream home without the pressure of a rate deadline. It allows you to take the time you need to find a house that truly meets your needs.

3. Float Down Option for Rate Decreases

One of the standout features of Worthington Mortgage’s Lock and Shop Program is the float-down option. If interest rates happen to decrease during the 90-day period since you locked down your rate, you have the opportunity to secure the lower rate.

This flexibility ensures that you get the best possible rate, whether it’s the initial locked rate or a lower rate if market conditions improve.



4. Improved Budgeting

A fixed interest rate provides stability and predictability for your budget. It allows you to plan your finances with confidence, knowing what your monthly mortgage payments will be once you find your home.

5. Competitive Advantage

When making an offer on a property, having a pre-locked rate can make your offer more attractive to sellers. It shows that you are a serious buyer with a strong financial position, potentially giving you a competitive edge in a competitive real estate market.

How to Get Started

To take advantage of our 90-day lock and shop program, follow these steps:

  1. Fill out the form here
  2. Complete the application.
  3. Get pre-approved in minutes
  4. Discuss your interest rate options and lock it for 90 days.



by Santiago Carrillo



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