St. Louis, Mo. (PRWEB) October 16, 2013
Midwest Mortgage Capital announces the availability of a new tool for customers concerned with volatile interest rates while shopping for their next home. The ReservARate program allows borrowers to get credit approval to reserve their interest rate before they find a property to buy.
“It’s a simple process, if mortgage rates rise, the borrower enjoys the rate they 'reserved' with their loan officer. If rates decline, however, the homebuyer can qualify for the lower rate while they continue to search for their property,” said Jerry Frost, President of Midwest Mortgage Capital. “We want to take some of the worry out of a rising rate environment for our borrowers. We’re really excited about this program.”
Customers may reserve the best interest rate for 30 days while they continue to search for the right property for themselves or their family. There is no additional upfront fee for the new service. They can convert to a locked rate with a fully executed contract and then must close within 30 days of that locked rate. The program is not available for USDA, Jumbos, condominium purchases, or ARMs.
“This is an important tool to really streamline the process of home buying and remove a lot of the stress that buyers may feel in a rising rate environment,” said George DeMare, Managing Partner. “Customers will be able to work on the preapproval while they shop. When preapproved you become a 'cash buyer' so when there are multiple offers on your dream home, yours will stand out among the rest.”
About Midwest Mortgage Capital:
Midwest Mortgage Capital(MMC) was founded in 2001 in St. Louis by industry veterans who wanted to challenge how traditional mortgage companies do business by better educating and empowering their clientele. Wanting to retain as much control over each of its transactions as possible, MMC quickly gained the ability to originate and underwrite a wide array of loans in-house and delivered superior service and turn times to its originators. For more information about the company and its recent expansion, please visit http://www.midwestmortgagecapital.com or call (800) 803-9910.