NewBridge Bank Introduces Program to Lock In Mortgage Rates
July 26, 2011
Greensboro, N.C. — NewBridge Bank has introduced a new financial program that helps homebuyers obtain lower interest rates and removes some of the stress associated with buying a home. Called "Rate Lock and Shop," the program provides a buffer against fluctuating interest rates by allowing borrowers to lock in an interest rate for up to six months.
"Buyers who are shopping for properties can now take advantage of rates that are at historic lows, and they can lock into a rate without worrying about that rate increasing," said Beth Eller, Senior Vice President and Director of Mortgage Banking for NewBridge Bank. "Also, the program protects them if interest rates should drop while they shop around, by being able to 'float down' to the market level."
The new program can be applied to both adjustable- and fixed-rate mortgages, Eller said.
"Borrowers who choose an adjustable-rate mortgage can lock into that rate, and once they find their house and know their closing date, we can compare the current market rate to their rate and give them the better of the two."
Homebuyers applying to Rate Lock and Shop aren't required to provide a property address to qualify. There is no additional charge to sign up, Eller said.
Lock-in protection isn't new to the mortgage banking industry, but such programs have often been limited in scope. NewBridge Bank's program represents a thoughtful approach to customer needs in the midst of fluctuating market conditions.
"We think it's a good deal for prospective homeowners, because it allows them to take their time shopping for a house," Eller said. "There really is no 'down side' to this program."
Prospective homebuyers who want more information about Rate Lock and Shop and NewBridge Bank's Mortgage Banking team may call the Bank at 336-774-1213, and ask to be directed to a mortgage loan originator in their area.