Lock, Shop & Go Program

Fairway's Lock, Shop & Go program

Buying a home is a significant investment, and it can be a stressful process. From finding the right property to securing a mortgage, there are many factors to consider. One of the most significant concerns for many homebuyers is the fear of interest rates rising before they can close on their loan. Fortunately, Fairway Mortgage has a solution to this problem with their Lock, Shop & Go program.

Let Fairway's Lock, Shop and Go program bring peace of mind to the home-buying process:

The Lock, Shop & Go program allows homebuyers to lock in their interest rate for up to 90 days while they shop for the perfect home. This means that even if interest rates go up during that time, the homebuyer’s rate will remain the same. This provides a significant advantage for buyers as it allows them to budget and plan more effectively without worrying about rate fluctuations.

One of the key benefits of the Lock, Shop & Go program is that it allows homebuyers to make a more informed decision about their purchase. By locking in their rate, they can focus on finding the right home without the added stress of worrying about interest rate increases. This can be especially beneficial for first-time homebuyers who may not be as familiar with the market.

Another advantage of the Lock, Shop & Go program is that it can save homebuyers money in the long run. By locking in a low-interest rate, buyers can potentially save thousands of dollars over the life of their loan. This can make a significant difference in the overall cost of homeownership and can help make it more affordable for many buyers.

In conclusion, the Lock, Shop & Go program offered by Fairway Mortgage is an excellent option for homebuyers looking to secure their rate while they shop for the perfect home. This program provides peace of mind and can save buyers money in the long run. If you’re in the market for a new home, consider using the Lock, Shop & Go program to make the process less stressful and more affordable.

Lock, Shop & Go FAQs

Fairway’s Lock, Shop & Go program is offered on Conventional, FHA, VA, and USDA fixed-rate mortgage loans. It allows borrowers to lock an interest rate for a period of up to 90 days with no obligation or cost. Keep it if rates increase or lower it if rates improve, either way, you’re protected.  Available on purchase transactions only

How Are Mortgage Rates Determined? Mortgage rates are an essential factor to consider when buying a home. They determine the interest rate at which you can borrow money to purchase a property and can have a significant impact on your monthly payments. Understanding how mortgage rates are determined is crucial for anyone looking to buy a home. In this article, we will explore the market and personal factors that affect mortgage rates.

Which Market Factors Affect Mortgage Rates: Mortgage rates are determined by a combination of market and personal factors. Market factors that influence mortgage rates include the overall state of the economy, inflation, and government policies.

The overall state of the economy affects mortgage rates because a strong economy generally leads to higher interest rates. This is because a strong economy leads to higher inflation, which in turn, causes interest rates to rise. Inflation is the rate at which the cost of goods and services increases over time. When inflation is high, the Federal Reserve raises interest rates to slow down the economy and prevent prices from rising too quickly.

The Federal Reserve is the central bank of the United States and it has a significant influence on mortgage rates. The Federal Reserve sets monetary policy, which includes setting the target interest rate for banks to borrow from the Federal Reserve. When the Federal Reserve raises interest rates, it makes it more expensive for banks to borrow money, which in turn, leads to higher mortgage rates.

What Personal Factors Affect Mortgage Rates: In addition to market factors, personal factors also play a role in determining mortgage rates. These factors include the borrower’s credit score, income, and debt-to-income ratio.

A credit score is a numerical representation of a person’s creditworthiness. The higher the credit score, the less risky the borrower is considered to be. Borrowers with higher credit scores will generally be offered lower interest rates than those with lower credit scores.

Income and debt-to-income ratio also play a role in determining mortgage rates. Lenders want to ensure that borrowers have the ability to repay their loans, so they consider factors such as income and debt-to-income ratio when determining interest rates. Borrowers with higher incomes and lower debt-to-income ratios will generally be offered lower interest rates than those with lower incomes and higher debt-to-income ratios.

In conclusion, mortgage rates are determined by a combination of market and personal factors. Understanding these factors can help you make more informed decisions about your home purchase and help you secure the best rate possible. It’s important to keep an eye on market conditions, as well as maintain a good credit score, income and debt-to-income ratio in order to get the best rate.

Use our resource center to learn more about purchasing a home, like how much home you can afford when it’s a good time to buy and other smart mortgage moves.