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REALTOR® ADVANTAGE PROGRAMS
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LOCK, LOOK, AND SHOPSM
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 Description
The Lock, Look, and Shop® program offers borrowers the ability to guarantee a 30 or 45-day rate
protection while they shop for a home. Once you have found a property, you can extend the locked-in
rate for an additional 30 or 45 days depending on the option selected. A deposit is required for this
loan program.
Eligible Transactions
- Purchase transactions
- Employed and self-employed applicants
- New and existing construction
- Owner occupied properties
Non-owner occupied properties and second homes are not eligible for the Lock & Look program. Construction
loan takeouts and refinances are not eligible for the Lock & Look program.
Eligible Properties
All property types are eligible including: 1-4 units, manufactured homes, condos, and Planned
Unit Developments (PUDs).
Eligibility
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VA
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Conforming Conventional
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Non-Conforming
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15 & 30 Year
1-Year ARM
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10,15,20 & 30 Year Fixed
Community Home Buyers programs
Conforming 5/25 Balloon
Conforming 7/23 Balloon
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Not Eligible
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Borrower Eligibility
The borrower must meet one of the following requirements before participating in
the Lock, Look, and ShopTM program:
- Must be pre-qualified, or
- Must have received a 'full doc' credit only approval, or
- Must be a credit-only application to be reviewed by Advocate Mortgage Group
Rate Lock Guarantee Periods Available Customers can lock at the time of application (or float and lock in later)
for either 60 or 90 days. No upfront fee is required.
- If the customer needs 30 days to shop for property, a 60-day rate is used.
- If the customer needs 45 days to shop for a property, a 90-day rate is used.
If property is found earlier and a shorter time frame is needed, Advocate Mortgage Group can obtain
an exception to the lock price. Extensions can be granted on a case-by-case basis. Rate lock will
be terminated if a valid sales agreement is not executed and received within 30 days for the 60-day
lock or 45 days for the 90-day lock.
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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.
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