New Consumers mortgage program gives peace of mind during homebuying process.

Mortgage interest rates are constantly changing. For homebuyers, fluctuating rates add to the stress of getting a new home. One way home shoppers can get peace of mind is with the Consumers Lock & Shop program because it protects against rising rates and gives you access to lower rates if they fall.

How mortgage locks work

A mortgage lock is an agreement by a lender to honor a loan interest rate for a certain period of time as protection against rising rates. The 90-day Lock & Shop program goes a step further than a rate lock because it also allows homebuyers to get a lower rate if interest rates go down.

How Lock & Shop protects homebuyers

Let’s say you get a pre-approved today at rate of 5% but it takes two months to find the house you want—and by then rates have risen to 6%. The Lock & Shop program guarantees that your rate won’t increase more than 0.50% APR therefore the highest your rate could be is 5.50%. However, if interest rates decrease, you have the option to use the better rate.

With Lock & Shop, you get the protection against rising interest rates for 90 days. If rates are lower than your locked rate when you find a home and have it under contract, you get the lower rate!

How it works

It’s easy to take advantage of Lock & Shop. Just let your Consumers mortgage loan officer know you want to lock in today’s rate while you shop for a new home. A hold fee of $500 enrolls you in the program. If you close on the loan, the fee will be refunded.

Lock & Shop can be paired with any Consumers home mortgage, including:

• Conventional
• 0% Down
• At Your Service
• Advanced Medical
• Portfolio loans

One thing to keep in mind is that getting pre-approved for Lock & Shop is not the same as a mortgage pre-approval. Mortgage pre-approval refers to the amount of money you’re authorized to borrow and is good for 120 days. Lock & Shop applies only to a home loan’s interest rate and is good for 90 days.

Get your hedge against rising interest rates with Lock & Shop by contacting of our mortgage loan officers or calling 800-991-2221.

Consumers helps more than 2,000 members finance land, first and second homes, and home improvement projects each year. We’d love to help you with a mortgage or home equity line of credit; contact us online or call us at 800-991-2221.

All loans subject to approval. Rate, terms, and conditions are subject to change and may vary based on credit worthiness, qualifications, and collateral conditions.