Homebuyers desiring rate certainty while shopping for their dream home will soon have the option to Lock and Shop with MMS Credit Unions. With Lock and Shop, your member secures a guaranteed rate cap for up to 240 days with a float down option if rates decrease.
There is no additional cost for your Credit Union to offer this rate option to members, but your members will pay a slightly higher lock-in rate depending on the term of the lock. Starting October 1 you can quote a Lock and Shop rate.
An Extended Lock will also be optional for new construction. Members pay an upfront fee to lock the rate, which is refunded through closing costs. Extended Lock also has a one-time float down option.