|
REALTOR® ADVANTAGE PROGRAMS
| |
LOCKED AND LISTEDTM
| |
 Description
The LOCKED AND LISTEDTM program is designed to give a Seller/Builder
the ability to offer a Prospective Buyer a guaranteed rate if the loan closes. The Seller/Builder
will have the ability to lock in a rate for 30 or 45 days depending on the option selected. If
the property is sold during the rate lock period, the Buyer/Borrower can choose a product and
extend the rate for an additional 30 or 45 days to process and close the loan. A deposit
is required for the lock.
Available Properties
All property types including: 1-4 units, manufactured homes, condos, and PUDs
Product Eligibility
|
VA
|
Conforming Conventional
|
Non-Conforming
|
15 & 30 Year
1-Year ARM
|
10,15,20 & 30 Year Fixed
Community Home Buyers programs
Conforming 5/25 Balloon
Conforming 7/23 Balloon
FHLMC 1-Year ARM
|
Not Eligible
|
Loan Purpose
Loans are available for purchase and new construction only. (Note: Excludes Refinances.)
Rate Lock Guaranty
Sellers will have the ability to lock a rate on their property for 30 or 45 days and then allow the
Buyer/Borrower to extend that rate for an additional 30 or 45 days in order to process and close the loan.
- Option I:
60 day guaranty period: Shop for 30 days, Buyer/Borrower can extend for an additional
30 days in order to close the loan.
- Option II:
90 day guaranty period: Shop for 45 days, Buyer/Borrower can extend for an additional
45 days in order to close the loan.
Float Down Available
The Float Down options is also eligible. Before the loan closes, if rates drop, your rate will drop too, but
they can’t go up. Please inquire for more information about this excellent program.
Geographic Boundaries
There are no geographic boundaries
[GO BACK]
|
Advocate Mortgage Group, Inc
16 South Calvert Street, Suite 203
Baltimore, MD 21202
Phone: 410.625.5420
Fax: 410.625.5424
E-Mail:
Copyright © 1997, 1998, 1999, 2000 by Advocate Mortgage Group.
|
