MORTGAGE BLOGPosted On March 21, 2019
San Ramon, CA – CMG Financial, a well-capitalized, privately held mortgage-banking firm headquartered in San Ramon, CA, has launched a Lock N Shop rate protection program for home shoppers to lock rate offers for 60 or 90 days, while they shop for a property. The Lock N Shop rate protection program will give home shoppers the power to secure their mortgage rate even if rates fluctuate while they are still shopping for a home. CMG Financial is committed to creating a better mortgage experience by giving home buyers the freedom to shop around in today’s busy housing market.
The Lock N Shop program is available to CMG Financial customers and CMG Financial wholesale mortgage broker partners to help ensure more home buyers get a distinct advantage in a competitive market. The Lock N Shop rate protection program is available on fixed-rate Conventional, FHA, VA, and USDA mortgage loans with 30-year or 15-year terms. Once the home buyer is preapproved for financing, they have the option to lock their rate for a period of 60 or 90 days. When the lock is in place, the home buyer has 45 days to identify a property for purchase. If rates rise during this period, the home buyer will keep the locked rates, if rates fall, the home buyer will get the lower rate. A one-time rate renegotiation or roll down, extension, or relock is allowed after a property is identified, depending on the situation. The Lock N Shop rate protection program is not available for non-agency products or in the states of Massachusetts, New York, or Oregon.
In late 2018, CMG Financial debuted its CMG Home App to streamline the mortgage financing experience from application to home search to funded loan. Using the CMG Home App, loan officers and their Realtor partners can stay in touch with the home buyer and with each other throughout the mortgage financing process. The secure document scanner, interactive mortgage calculator, and push notifications walk users through the entire mortgage process. The CMG Home App combined with the new Lock N Shop rate protection program are the perfect mortgage tools for mobile home buyers.
“The last thing we want our clients worrying about when shopping for a home is their mortgage rate, that’s our job,” said Kim Callas, Executive Vice President, CMG Financial in a statement. “With the Lock N Shop rate protection program, home buyers get the peace of mind that their rate is locked and can take all the time they need to find the perfect home.”
About CMG Financial
CMG Financial is a well-capitalized, privately held mortgage-banking firm founded in 1993. The company makes its products and services available to the market through three distinct origination channels including Retail Lending, Wholesale Lending, and Correspondent Lending.
CMG Financial currently operates in all states, including District of Columbia, and holds federal agency lending approvals with HUD, VA, RHS, GNMA, FNMA and FHLMC. Throughout the mortgage banking and housing markets, CMG Financial is widely known for responsible lending practices, industry and consumer advocacy, product innovation, and operational efficiency.
