Many buyers are concerned about rising mortgage rates and the implications on their plan to buy a home or sell their home and then buy another home. The frequent question is, “Can I lock in my interest rate before I find my home?” Typically one can’t do this until they have a fully executed purchase agreement and this amplifies a homebuyer’s fear prior to going under contract to buy their dream house. Now, with the iLoan Lock-N-Shop program, this fear can be put to rest.

Here’s an outline of how it works:
  • The lock may be for 60 or 75 days, but you must deliver an executed purchase agreement to iLoan within 25 days of the lock date to maintain the lock. The initial lock confirmation will reflect only a 30 day lock, but once the purchase agreement is received, an updated lock confirmation will be delivered to you reflecting the remaining days of the initial lock (to the 60th or 75th day, as applicable).
  • Offered only on conventional conforming fixed rate, conventional conforming high balance fixed rate, VA fixed rate, USDA, FHA fixed rate, and FHA jumbo fixed rate products.
  • Available for purchase transactions only.
  • There is no up-front fee required.
  • A .25 point price adjustment (0.25% of the total loan amount) to our 60 or 75-day price will be reflected in the price of the lock, in addition to any other applicable loan level price adjustments.

This program isn’t for everyone but it’s another way that iLoan tries to innovate to meet the demands of their clients and Realtor partners.

Dakota County Real Estate - Mortgage Broker
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Tom Garrity – Manager, Mortgage Loan Officer

[Ed. Note: Tom has been in the mortgage industry for almost 10 years. He is currently licensed in Minnesota and Wisconsin. He always keeps his clients best interests in mind. Tom provides the highest level of customer service and brings abundant technical knowhow to the lending process. In addition to being our manager at iloan he is the source of many laughs. Tom believes a stress free atmosphere in the office environment is a productive one. He wants his clients to enjoy the experience throughout the transaction process.

Tom considers sales to be fun. However, it is knowledge, creativity, character, resourcefulness and hard work that gets the deal to the closing table. In the end creating new client relationships while providing premier service to our existing clients is the mission of his business. Tom is constantly challenging himself to deliver superior products with absolute precision and prompt customer service as his never-ending goal.

When not working, Tom is golfing, fishing, in Florida or harassing friends and co-workers over e-mail and instant messengers.]

TOM’s LINKS


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This Article Appears Courtesy of Steven Diadoo

Steven Diadoo, Licensed Realtor in MN with BRIDGE REALTY and best-selling author of 'Road to Success' with Jack Canfield (Chicken Soup for the Soul), Board Member at Bowling for Brains Non-Profit 501(c)3 (Event to benefit the American Brain Tumor Association), licensed Realtor with Bridge Realty, Seen on DIY TV, Create Channel and PBS. For help buying and/or selling a house, please call (952) 270-6141 or Click here.

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