It’s Time To Get Creative

*It’s Time To Get Creative*
**By Tony Garritano**

TonyG***Some lenders are complaining about rising rates, while others are trying to use the situation to their advantage. For example, Premier Nationwide Lending (PNL) has rolled out the “Lock and Shop” program through its retail origination channel. Here’s how this approach helps borrowers in an environment where rates are increasing:

****“There is no question mortgage rates are increasing,” said Brad Sullivan, CEO of Premier Nationwide Lending. “With the ‘Lock and Shop’ program, we will credit approve a home buyer and lock in their interest rate before they find the property they want to call ‘Home.’ We created this program with the consumer in mind. The home buying process is stressful. However, we don’t feel it should be. Let us take the stress about rising interest rates away.”

****With the “Lock and Shop” program from PNL, if rates go up, the borrower is protected. If mortgage rates decrease, the homebuyer will have an option to “float down” to the lower rates.

****John H. P Hudson, Production Manager and Vice-President of Regulatory Affairs for PNL, is excited about this new program for homebuyers and the positive impact it will have on the company’s growth. “Our licensed mortgage professionals are thrilled to offer this program to their clients. The threat of increasing interest rates stripping away a borrower’s loan approval is removed from the equation. This means less fallout and a greater opportunity to deliver excellent service to our borrowers and referral partners. In addition, loan professionals want to work for a company that offers these types of innovative programs. Prospective employees are drawn to the ability to offer the ‘Lock and Shop’ program.”

****PNL will showcase the “Lock and Shop” program at the Texas Association of REALTORS Convention this month. “Our REALTOR partners want to work with a mortgage company that will fully credit approve a home buyer and lock in their interest rate before they begin touring homes. This makes for a much smoother process for real estate professionals as well,” Hudson added.