Lock in your interest rate for 90-Days while it’s low
Reduce the stress of the home buying process by purchasing Rate Protection for a refundable fee. With Ark’s Rate Protection, your interest rate is locked for 90 days, so you’re protected if rates increase during that time. And if rates decrease in that time, we’ll make sure you get the lower rate.
The Rate Protection Fee:
- Will be credited against your closing costs if the loan closes within 12 months of purchasing Ark’s Rate Protection.
- Will be refunded if all Final Conditions have been satisfied and Ark cannot, or Ark does not, enable the loan to close.
- Will not be refunded if the loan fails to close because one or more of the Final Conditions have not been satisfied.
- Will not be refunded even if all of the Final Conditions have been satisfied but you choose not to close.
How much mortgage can I afford?
The first step in buying a house is determining a realistic budget. Start with this handy calculator to get an estimate of how much you can qualify for, and how a home loan will fit into your monthly payments. The calculator considers your income, purchase price, and total monthly payment. Try a couple of scenarios to see how it might affect your finances.
Will I get charged a float-down fee?
Ark Mortgage never charges a fee to get you the lower rate once you’ve purchased the rate lock.
What if my lock expires before I close?
We can usually get an extension, but there may be some cost involved. If your closing is delayed because of any problem on our end, we’ll of course cover the cost of your extension.
Pair with Other Programs
A pre-approval makes the house hunting process simpler for you. Show sellers and real estate agents you’re approved for mortgage financing. That way, it doesn’t matter if another bid is higher; yours will be legitimate.
The promise to close within the month may make all the difference in a seller’s decision. We can help you close on a home in 21 days – that’s 26 days faster than the industry average.
If you’re a first responder or health care worker, thank you. To show our gratitude we give a substantial discount on our fees whether you purchase or refinance a home loan.