The Lock & Look program offers borrowers the ability to guarantee a 30 or 45 day rate protection while they shop for a home. Once they have found a property, they can extend the locked-in rate for an additional 30 or 45 days depending on the option selected.
Eligible Transactions
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Purchase transactions
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Employed and self-employed applicants
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New and existing construction
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Owner occupied properties
Non-owner occupied properties and second homes are not eligible for the Lock & Look program. Construction loan takeouts and refinances are not eligible for the Lock & Look program.
Eligible Properties
All property types are eligible including: 1-4 units, manufactured homes, condos, and PUD's.
Eligibility
VA |
Conforming Conventional |
Non-Conforming |
15 & 30 Year 1-Year ARM |
10,15,20 & 30 Year Fixed |
Not Eligible |
Borrower Eligibility
The borrower must meet one of the following requirements before participating in the Lock & Look program:
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must be pre-qualified, or
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must have made application through the First Priority Approval Program, or
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must have received a 'full doc' credit only approval, or
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must be a credit-only application to be reviewed by East West Mortgage Company
Rate Lock Guarantee Periods Available Customers can lock at the time of application ( or float and lock in later) for either 60 or 90 days. No upfront fee is required.
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If the customer needs 30 days to shop for property, a 60 day rate is used
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If the customer needs 45 days to shop for a property, a 90 day rate is used.
If property is found earlier and a shorter time frame is needed, East West Mortgage can obtain an exception to the lock price. Extensions can be granted on a case-by-case basis. Rate lock will be terminated if a valid sales agreement is not executed and received within 30 days for the 60 day lock or 45 days for the 90 day lock.
