Home Loans
Lock and Shop
Rates move every day. Lock and Shop lets you secure today’s rate before you have even found the home you want to buy. You shop with the confidence of knowing your rate is protected, and when you find the right property, you are already one step ahead.
Lock First.
Shop with Confidence
60-90
Day Lock Window
Rate
Protected
What Is Lock and Shop?
Lock and Shop is a program that allows you to lock in your interest rate before you have a specific property under contract. Normally a rate lock requires a signed purchase agreement and an identified property. Lock and Shop removes that requirement so you can secure today’s rate while you continue searching for the right home.
Once you find a property and go under contract, the locked rate is transferred to that specific loan. If rates rise during your shopping period, you are protected. If rates drop significantly, most programs have a float-down provision that lets you capture a lower rate. The lock window typically runs 60 to 90 days, which gives most buyers enough time to find a home without rushing into a decision just to preserve a rate.
Lock it
Secure today's interest rate before you have a property under contract. No signed purchase agreement required. The lock window typically runs 60 to 90 days.
Shop for it
Once you find the right home and go under contract, the locked rate transfers to that loan. If rates rise you are protected. If they drop, most programs include a float-down provision.
Ready to Get Started?
Lock Your Rate and Start Shopping
No pressure, no runaround. Todd and Aaron will get you pre-approved and locked so you can shop with full confidence that your rate is protected.
Key Benefits
Rate Protection While You Shop
If rates rise during your search, your locked rate stays in place. You are not exposed to market movement while you take the time to find the right home.
Shop Without Pressure
Knowing your rate is locked removes the urgency that comes from watching rates move. You can take the time to find the right property rather than settling for what is available today.
Float-Down Option If Rates Drop
Most Lock and Shop programs include a float-down provision so if rates fall significantly during your lock period, you can capture the lower rate before closing.
Stronger Buyer Position
Walking into a showing with a rate locked and a full pre-approval in hand signals to sellers and agents that you are a serious buyer ready to move quickly.
Who Should Consider It?
Lock and Shop works best for buyers who are financially ready to purchase but still in the early stages of their property search. If you have your finances in order but have not yet found the right home, locking your rate now protects you from market movement while you take the time to make the right decision.
It is a particularly good fit for:
- Buyers who are actively searching but in a competitive or low-inventory market where finding the right home takes time
- Anyone concerned about rates rising before they find and close on a property
- Buyers who need 60 to 90 days to complete their search and do not want to rush the process
- Relocating buyers who may need extra time to explore neighborhoods before committing
- First-time buyers who want the peace of mind of a locked rate while they learn the market
Good to Know
Lock and Shop programs typically require full pre-approval upfront, not just a preliminary review. You need to be financially ready to buy before the lock is issued. The lock is tied to you as a borrower, and when you find a property it gets applied to that specific transaction.
If your lock expires before you find a home, extension options are typically available though they may come with a cost.
The Window
60-90
Days.
Most Lock and Shop programs give you 60 to 90 days to find a home with your rate protected. That is enough time for most buyers in the Colorado Springs market to find and go under contract on the right property.
How the Process Works
Complete Full Pre-Approval
Lock and Shop requires a full verified pre-approval before the rate lock is issued. That means income documentation, credit review, and asset verification. Todd and Aaron move through this quickly so you can get locked and into the market fast.
Lock Your Rate
Once pre-approved, your rate is locked for 60 to 90 days. The lock is tied to your borrower profile and will be applied to whatever property you go under contract on within that window.
Shop with Confidence
Take your time. Tour properties. Compare neighborhoods. Make an offer when you find the right home without worrying about whether rates have moved since you started looking.
Go Under Contract and Apply the Lock
Once you have a signed purchase agreement, the locked rate transfers to that specific loan. We open the full file, order the appraisal, and move into underwriting.
Close at Your Locked Rate
You close at the rate you locked, regardless of where the market has moved since then. If rates dropped and your program has a float-down, we exercise it before closing.
After the Lock
21-30
Days to Close Once Under Contract
Because pre-approval is fully completed before you lock, the file moves quickly once you are under contract. Most of the heavy lifting is already done.
Worth Knowing
Lock and Shop Has a Small Cost.
Extended rate locks before you have a property under contract typically carry a small pricing premium compared to a standard 30-day lock. Todd and Aaron will show you the exact cost so you can weigh it against the value of rate protection while you shop.
Common Questions
What happens if my lock expires before I find a home?
Most Lock and Shop programs offer extension options if your lock expires before you go under contract. Extensions typically come with a small cost, usually a fraction of a percent of the loan amount per week. Todd and Aaron will let you know as you approach the end of your lock window so you can decide whether to extend or reassess your options based on where rates are at that point.
Does Lock and Shop cost more than a regular rate lock?
Yes, slightly. An extended rate lock before you have a property identified typically carries a small pricing premium compared to a standard 30-day lock issued at the time of contract. The tradeoff is rate certainty while you shop. Todd and Aaron will show you the exact cost in your specific scenario so you can decide whether the protection is worth it given current market conditions.
Can I use Lock and Shop on any loan type?
Lock and Shop is available on most conventional and government loan programs including FHA, VA, and USDA. The specific programs available depend on the lender. Todd and Aaron will match you with the right Lock and Shop program based on the loan type you qualify for and your purchase goals.
What if rates drop significantly after I lock?
Most Lock and Shop programs include a float-down option that lets you capture a lower rate if rates fall by a defined threshold before closing. The float-down triggers at a specific movement in the market and is typically exercised once during the lock period. Todd and Aaron will explain exactly how the float-down works on your specific program before you lock.
Do I have to buy in a specific area to use my Lock and Shop rate?
Generally no. The lock is tied to you as a borrower and can be applied to any qualifying property within the program guidelines. That means you can shop across different neighborhoods and price points within your approved range without the lock being tied to a specific address. Todd and Aaron will confirm the exact parameters for your lock before you start shopping.
Still Have Questions?
Just Ask. We Pick Up the Phone.
No automated phone trees, no waiting on hold. You get Todd or Aaron directly.
Call Todd: (719) 482-5359 Call Aaron: (404) 455-5710