If you are worried about staying on budget while shopping for a home you could benefit from 1st Advantage Smart Lock. With Smart Lock you can take advantage of a favorable market by locking in an interest rate before you even begin your house hunt.

The great thing about Smart Lock is that you can lock today and take until July 31, 2014 to close. You will have ample time to find the perfect home and you won’t have to worry about breaking your budget or losing purchasing power if rates happen to skyrocket during your home search.

This program also includes a one-time float down option so you can grab a lower rate, if the market offers one, once you’re nearer to closing.

This program is available on all conforming fixed rate and government fixed rate loan programs as well as 5/1 and 7/1 Jumbo adjustable rate mortgages (ARMs). The fee for 1st Advantage Smart Lock is fully refunded once the loan closes with 1st Advantage Mortgage.

Locking
A property is not needed at the time of lock. Once a property is selected the loan becomes a normal lock and the address cannot be changed without following standard relocking rules.

Shopping
Sales contract must be signed by June 30, 2014. The loan must close by July 31, 2014. The rate lock can be extended for 15 Days for a 1/4 Point, for up to a total of 2 months.

Rate Cap
The rate is capped at 0.75% to the current 55 day rate.

Float Down
The one-time float down can be taken within 55 days of closing. The file must be approved and have a property address.

Fixed Rate Loan Limits
Available on all conforming fixed rate and government fixed rate loan programs. The maximum loan amount is $417,000. There is no minimum loan amount.

Adjustable Rate Loan Limits
Available on 5/1 and 7/1 Jumbo ARMs. The maximum loan amount is $800,000.

Loan Amount Variance
The loan amount cannot increase by more than 10% of original locked loan amount. There is no limit on the loan amount decreasing.

Cost
The up-front fee of 1 point of the loan amount, a maximum of $3,000 on fixed rate loans and $6,000 on jumbo ARMs, is due within 5 days of locking. This fee is fully refunded when the loan closes with 1st Advantage Mortgage.