In Virginia, ""McLean Mortgage Corporation"":http://mcleanmortgage.com/ announced the release of its RateFlex Program, a new concept designed to aid homeowners and prospective homebuyers in today's volatile interest rate environment.[IMAGE] [COLUMN_BREAK]
Under the program, borrowers purchasing a home or refinancing their loan can lock in on an interest rate, protecting them against rate increases during the application process. If market rates move down after approval, the borrower can relock at the lower rate at no charge. While a deposit is collected at application, that charge is credited at closing, the company said in a release.
""Today, consumers are more savvy with regard to shopping lenders and watching the interest markets. Many wait in the hopes that rates will move lower,"" said James Nader, EVP of capital markets and operations at McLean. ""Now the consumer can lock-in a rate with confidence because they are protected against increases, but benefit if rates decrease. It is truly a win-win situation for homebuyers and homeowners.""