What is the Quicken Loans RateShield program?

The Quicken Loans RateShield program is designed to provide homebuyers with the ability to lock in a mortgage interest rate for a specific period while they search for a home. This program is particularly beneficial in fluctuating interest rate environments, as it allows borrowers to secure an advantageous rate, ensuring they do not experience increases in the rates during their home-buying process. With RateShield, once the borrower finds their desired home and goes through the mortgage application process, they can apply that locked-in rate to their loan. Generally, the lock is available for a set duration, typically ranging from thirty to sixty days. If the borrower is unable to find a home within the allotted time, they may have the option to extend the rate lock or explore other options, subject to certain conditions. This program is valuable for purchasers who want to mitigate the risks associated with rising interest rates while they are actively engaged in their home search. For more detailed information, it is a good idea to visit the official Quicken Loans website or contact customer service directly.