Guaranteed Rate Launches "Lock It, List It" Program

Guaranteed Rate rolled out a new discounted rate option for real estate agents to offer sellers as they compete for buyers.

The “Lock it, List it” program lets sellers working with a Guaranteed Rate loan officer to pay a fee and lock in a discounted rate for a prospective buyer. Sellers can then advertise that rate as part of the selling process, getting a leg-up over the competition.

“We want to offer real estate agents and their clients the opportunity to lock in a rate that they can market to their potential buyers. In an environment where rates can be volatile, this is a key selling point for a future buyer,” said Jeremy Collett, Guaranteed Rate’s EVP, Head of Capital Markets.

The buyer will then have access to Guaranteed Rate’s array of loan options, including the Same Day Mortgage program.

High-balance mortgages that exceed the FHFA’s conforming limits are eligible as well.

“This high balance feature supports a broad range of markets to assist our valued real estate partners, buyers, and sellers in this complex rate environment,” Collett added.

In today’s high-rate environment, an upfront rate can ease homebuyers’ worries and lead to a successful closing.

This is especially important at a moment when buyers are increasingly likely to back out of deals.

“House hunters are pickier than ever before. It’s really expensive to buy a home today, so they want to make sure they find the right one. Buyers have become increasingly likely to terminate a deal if they don’t get the concessions they want,” Seattle Redfin agent David Palmer said of the trend.

This is the latest Guaranteed Rate product designed to entice stressed buyers and sellers back to the market during this tumultuous moment. In addition to the Same Day Mortgage, the company rolled out a “5 Minute Approval,” as well as a new app that provides mental health and wellness advice in addition to mortgage products.

Guaranteed Rate Insurance is a national insurance brokerage, licensed in all 50 states and Puerto Rico, that offers comprehensive personal, commercial, specialty, and life insurance products. It is owned by Guaranteed Rate, a Chicago-based lending and digital financial services company with more than 850 branches across the U.S. serving all 50 states and Washington, DC.