Lock & Shop

Lock and Shop

In a rising rate environment, a rate lock can protect you from market fluctuations while you search for the perfect home.

Waterstone Mortgage’s Lock & Shop program allows you to lock in your interest rate and then shop for a new home with confidence.

  • Get a Platinum Credit Approval. A Platinum Credit Approval is the strongest “pre-approval” out there – helping you compete with cash buyers. Our Platinum Credit Approval include a credit, asset, and income review.
  • Lock in your rate. Once you’ve been Platinum Credit Approved, you can lock in your interest rate for lock period of 60 days (with about 30 days to shop) or as long as 90 days (with about 60 days to shop). This will provide you the ease of mind that rates won’t go up while you continue to look for your new home.
  • Shop around. This is the fun part – you get to find your dream home. Whether you’ve already started browsing or are beginning the search with fresh eyes, you can take your time and rest assured that your interest rate will stay put.
  • Purchase your home. Once you’ve chosen your new home, we can move quickly towards your closing date.

Contact a Waterstone Mortgage loan professional to learn more about Lock & Shop with Platinum Credit Approval.

A Platinum Credit Approval is a pre-approval program offered by Waterstone Mortgage. In accordance with federal regulations, consumers are not required to provide verifying documents until they have submitted an application, received a Loan Estimate Disclosure, and stated their intent to proceed with the loan transaction. A pre-approval is not an offer to enter into an agreement, which must be made separately and in writing, and should not be construed as a commitment to lend. Waterstone Mortgage is not obligated to close and fund this loan unless all terms and conditions of the pre-approval have been met. Once a property is selected, Waterstone Mortgage must order and receive a satisfactory flood zone determination, property appraisal, and a satisfactory private mortgage insurance certification, if required. Waterstone Mortgage reserves the right to cancel this pre-approval in the event of any material misrepresentation in the customer’s application, in the event of an adverse change in the customer’s credit history, employment, income, assets, debt, or other factors affecting their financial status, or if the above requirements are not satisfied.