PUT YOUR INTEREST RATE ON ICE FOR UP TO 9 MONTHS!*
Don't put off building your dream home due to rising interest rates. With Drees Freeze from First Equity Mortgage, it's possible to lock your interest rate for up to 270 days while you build.
The Drees Freeze extended rate lock program is a benefit available to borrowers purchasing build-to-order Drees homes. When you freeze your interest rate, the rate stays the same from the time of the rate lock until the expiration date (as long as there are no changes to your loan application that would affect your rate). If the market fluctuates and interest rates should drop during your rate lock period, you may float down to a lower rate within 30 days of closing on your new home.
Contact your First Equity Mortgage Loan Officer today to determine if an extended rate lock is the right move for you.
*Drees Freeze extended rate lock program is offered through First Equity Mortgage, Incorporated, Equal Housing Lender. Subject to borrower qualification. Buyer is not required to finance through First Equity Mortgage; however, buyer must finance with First Equity Mortgage to take advantage of this extended rate lock program. Valid on firm, non-contingent purchase agreements. Rate can be locked for up to 270 days. The extended lock option has an upfront commitment fee of 1%, which will be credited back at closing.
Rate can be locked upon receipt of all earnest monies due The Drees Company, the payment of a 1% commitment fee due to First Equity, receipt of all documentation required by First Equity to enable loan approval, completion of all home selections and the commencement of construction of the residence. If the loan does not close with First Equity for any reason, the commitment fee is forfeited. The extended 270-day lock option may not be extended beyond the original 270 days is not available on jumbo or ARM loan programs through First Equity Mortgage, Inc.
First Equity Mortgage is a wholly-owned subsidiary of The Drees Company located at 211 Grandview Drive, Suite 102, Ft. Mitchell, KY 41017. Neither The Drees Company nor First Equity Mortgage, Inc. shall be responsible for any costs incurred by purchaser in the event the residence is not completed and/or does not close on or before the rate lock expiration.
For First Equity Mortgage Licensing information, click here.