COLORADO SPRINGS, Colo. – Ent Credit Union has introduced a new “Lock & Shop” rate protection program it says allows members to lock in their mortgage loan interest rate right away and then shop for their home.
“The innovative program allows borrowers to submit a mortgage loan application, lock in that day’s interest rate and then house hunt,” Ent CU said. “Typically, a borrower is required to have a home under contract before they can lock in their interest rate.”
Ent CU said Lock & Shop provides a full 90 days of rate lock protection: 60 days to house hunt and 30 days to close.
“It’s a great program. If rates go up, they get their locked, lower rate. If rates go down, we’ll give them the lower rate. All at no cost,” said Darrell Noble, Ent’s vice president of mortgage lending. “Given the movement we’ve seen in interest rates, this is a real, financial benefit to members. Altogether, Lock & Shop, our easy application process and $500 Mortgage Closing Guarantee provide borrowers with real advantages in Colorado’s competitive real estate market.”