Lock & Shop: What Does it Mean and Who Can Do It?

March 26, 2024

Waterstone Mortgage’s Lock & Shop option allows homebuyers to lock in their interest rate for 60-90 days while shopping for a home.

You may have heard different buzzwords thrown around recently for one of the mortgage industry’s most popular programs: rate lock, lock-in, rate protector… At Waterstone Mortgage, we just call it “Lock & Shop.”


Instead of locking in your interest rate after you’ve chosen your home, Lock & Shop allows you to determine your interest rate first, then take some time to go shop around for a home.

How does Lock & Shop work?

First, you’ll get a Platinum Credit Approval (PCA). This is a form of “pre-approval” that takes it to the next level.

During the PCA process, we’ll go through many of the same steps as a typical pre-approval, like discussing mortgage options and pulling your credit report. Then, our underwriting team will complete an in-depth analysis of your credit, finances, and employment information — just like they would once the typical homebuyer has already formally applied for a loan.

Waterstone Platinum Credit Approval

Once you’ve received your Platinum Credit Approval, you’ll lock in your interest rate. You can choose from one of two lock terms: a 60-day rate lock, or a 90-day rate lock.

If you opt for 60 days, you will have 30 days to shop. If you choose the 90-day option, you’ll have 60 days to shop. This helps you avoid any extension fees, and gives our team time to process things on the back end.

Benefits of Lock & Shop

Rate Protection

The biggest perk of Lock & Shop is the peace of mind in knowing your mortgage rate is locked in. If the market rate goes up while you’re house hunting, your mortgage will not be affected.

Platinum Credit Approval

Lock & Shop and PCA go hand-in-hand. When it’s time to make an offer on a house, you’ll have a Platinum Credit Approval in your back pocket — the next best thing to a cash offer.

In a competitive seller’s market, presenting the strongest offer possible is crucial to getting it accepted. A PCA from Waterstone Mortgage shows sellers you’re backed by a reputable lender and have the funds lined up to complete the home purchase smoothly and quickly.  

Close Faster

With Lock & Shop, you’ve already completed much of the leg work it takes to get a mortgage. The rest of the lending process can move quickly once the seller accepts your offer, because you’ve already been approved and your rate is already locked in.

Take Your Time Finding Your Dream Home

The Lock & Shop program is ideal for anyone who knows they will be moving or buying a house, but hasn’t picked their new home yet. It’s no secret, there can be some uncertainty when it comes to mortgage interest rates. The last thing we want is that to deter a future homebuyer from making their move, or for them to feel rushed into choosing a house because they don’t want to worry about a higher interest rate.

Fortunately, that’s where we come in. Lock & Shop gives you the peace of mind you’re looking for, so you can enjoy the house hunting experience and take your time finding your dream home. 

Contact a Waterstone Mortgage loan professional in your area to lock in your rate today.

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.