(214) 945-1066

Mortgage rate Lock and Shop Program for home buyers

Introducing our Mortgage Rate Lock & Shop Program.

Traditionally, home buyers are unable to lock in an interest rate until they have found a home and executed a purchase contract. Most mortgage lenders will not allow you to lock in the interest rate until they receive an executed purchase contract. That’s normally okay in a declining interest rate market but when interest rates are going up, that could cause some problems.

I’m proud to introduce our Lock and Shop mortgage rate program. The lock and shop program allows homebuyers to lock in the interest rate once they have completed a full application and provided all the documentation necessary to seek full approval. Once this has happened we will issue a full conditional approval subject to an acceptable appraisal, title report, and survey.  And we will lock in the interest rate for up to 6 months and protect you against rising interest rates.  Let me explain why this is a good thing.

Why is the Mortgage Rate Lock and Shop Program Important?

So you completed an application, provided all your documentation, and we have pre-approved you for a $400,000 home purchase.  You go out and start shopping for a home and interest rates increase one half of one percent.  That .50 % increase would increase your payment by roughly $123 per month.  It could also mean that you could no longer qualify for that $400,000 home, your new maximum qualified purchase would be $375,000.

This happens a lot to people in a rising interest rate market.  So what happens if interest rates are declining you may ask? Well, we want to protect you. If we are locked in with our Lock and Shop program and interest rates decline, we will allow you to float down to the current market interest rates. So you can’t go wrong.

If interest rates go up, you are protected. If they go down, you get the advantage of the lower interest rate. We are here to make sure you’re home buying process is as easy and stress-free as possible. So if you’d like more information or you would like to get pre-approved, or you are a Realtor and would like to have your clients get pre-approved. Just give us a call at 214-945-1066 or apply online here.

As the nations largest mortgage broker, I have access to over 140 different lenders.  I will shop the best loan program and rate for you and deliver a fast closing.  Our average pre-qualified home buyer is clear to close in less than 15 days.  Let me work for you to make this home buying experience the best it can be.

Richard Woodward

NMLS 217454

Your Local, Direct, 5 Star Rated Mortgage Lender

Voice/Text:  (214) 945-1066


Nexa Mortgage  NMLS# 1660690

Plano, TX 75025


Licensed by the Texas Department of Savings and Mortgage Lending (SML) Mortgage Banker Registration. Cornerstone First Mortgage is an Equal Housing Lender. This is not an offer of credit or commitment to lend. Loans are subject to buyer and property qualification. Rates and fees are subject to change without notice.

Contact Us

Nexa Mortgage - Richard Woodward
7820 Hague Ct
Plano, TX 75025
Phone: (214) 945-1066

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Richard Woodward
Branch Manager
NMLS #217454
Company Licensing
Company State License#
AZMB - 0944059
NMLS# 1660690

Equal Housing Lender