CCM Lock2Sell: Sell Your Home Fast
What if you could make your home attractive to more buyers for a faster sale, without a lower initial listing price or price reduction later? And what if you could offer an incentive that would save buyers money for the life of their home loan? Sellers can do both with CCM Lock2Sell.
What is Lock2Sell?
In a time of high mortgage interest rates, buyers find it challenging to get a home loan at a rate they can afford for the home they want.
Lock2Sell allows sellers to buy down the loan interest rate in advance of a signed offer and lock it for up to 60 days. Now they can advertise their home with a lower interest rate loan to attract more buyers and sell more quickly.
How does Lock2Sell work?
Lock2Sell is an interest rate buydown agreement between the seller and CrossCountry Mortgage to lock in a lower rate on the seller’s property. It’s for the property specified in the contract and cannot be transferred. Single family and 2-4 unit primary residences are eligible.
The seller:
- Agrees to pay 1-9% of the sales price to buy down the rate
- Pays a refundable fee to lock in the discounted rate
- Rate is locked for up to 60 days
- Can advertise the lower locked rate in their home’s marketing materials
Example scenario
Here’s an example of the way Lock2Sell works:
| Home purchase amount: | $400,000 |
| Down payment: | $100,000 (25%) |
| Home loan amount: | $300,000 |
| Market rate: | 8.65% (8.736% APR) |
| Rate with a 3% Lock2Sell commitment: | 7.000% (7.094% APR) |
Rate listed is based on purchase price of a 1-4 unit property, 740 FICO score, 60-day rate lock, 25% down (75% LTV), 30-year fixed-rate Conventional loan. Condos and 2–4-unit properties may affect the interest rate and pricing. All terms are subject to change without notice. Loans are subject to underwriting guidelines and applicant’s credit profile, not all applicants will be approved. Other restrictions apply. Contact for full details. Rate as of 4/23/2024.
Advantages for sellers: Fast home sales
By offering a lower mortgage interest rate, sellers can attract a larger pool of potential buyers, resulting in a faster sale. The competitive advantage over other types of seller concessions is that the locked rate can be advertised up front, including on the MLS. It can cost less than a price reduction while offering greater benefits.
For buyers: Lower mortgage interest rates
Buyers can stop waiting for rates to fall. A Lock2Sell property offers a mortgage with a discounted rate. This is a permanent rate reduction that lasts the life of the loan, bringing savings to the buyer every month. And buyers don’t have to wait to make an offer and start negotiating a contract to know if the seller is willing to compromise. They know up front that they can get a lower rate that may help them meet loan requirements that could otherwise put their home purchase out of reach.
Lock2Sell: Frequently asked questions
Here are answers to a few questions you may have, but as with any home financing, your loan officer is your best resource.
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Yes. The seller’s real estate agent can pay the fee to lock the interest rate with Lock2Sell. The fee is refundable if the buyer closes their purchase loan with CCM.
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Yes. A builder can use Lock2Sell to offer a lower interest rate as long as they are also the home seller. The same program terms apply.
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The Lock2Sell agreement is subject to CCM rate lock and float down policies. Any questions should be discussed with the loan originator before entering into a Lock2Sell agreement.
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The Lock2Sell interest rate is locked for up to 60 days and the lock expiration date is disclosed on the rate lock documents. It can’t be extended. Any new rate lock would be subject to negotiation between the seller, buyer, and lender.
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The seller is free to accept any offer and not under any obligation to use Lock2Sell.
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Yes. If the borrower purchasing the home gets financing through CCM, the $995 Lock2Sell program fee will be refunded.
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