Industry News

Weichert debuts ‘Lock and Shop’ interest rates

Program lets buyers lock in interest rate while they search for a house

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Weichert Financial Services has launched a new loan program that enables qualified home buyers to lock in an interest rate while they are shopping for a home, the company announced today. For qualified borrowers, the Weichert "Lock and Shop" program includes both a mortgage pre-approval and a lock-in feature that guarantees an interest rate for a specified period of time, up to 120 days. "While interest rates are still near historic lows, 'Lock and Shop' can ease any concerns buyers may have about future rate hikes diminishing their purchasing power. With an affordable interest rate locked in, buyers participating in the program can confidently focus on their home search," said Fred Watkins, president of Weichert Financial Services. The pre-approvals are verified and underwritten credit approvals that will become a final mortgage commitment once the home selected is acceptably appraised, according to Weichert. Weichert Financial Services is an affiliate of Weichert, Realtors and of...