Couple looking at houses with realtor.

Savings Institute Bank & Trust Announces Rate Lock Mortgage Program

Dec 05, 2018

Willimantic, CT (December 5, 2018) – Savings Institute Bank & Trust has announced its Lock & Shop program, which guarantees a buyer’s rate for 90 days while they shop for their new home. This distinct program doesn’t require a property to lock the rate, and if rates drop, the customer can lower their rate at no charge once.

“We know how stressful the process of buying a new home is,” stated Gene Michael Deary, Senior Vice President and Director of Retail Lending. “The Lock & Shop program allows buyers to shop worry-free and have the peace of mind of knowing exactly what they can afford.”

The Lock & Shop program comes with a Good as Gold Pre-Approval and a commitment letter that’s good for 90-days.This allows buyers to gain leverage during negotiations since they’re already approved for the loan. This offer is available for a limited time and may be discontinued without notice.

Savings Institute Bank & Trust headquartered in Willimantic, Connecticut offers branch locations throughout Rhode Island and eastern Connecticut. With $1.6 billion in assets, the Bank is a full service community-oriented financial institution dedicated to serving the financial service needs of consumers and businesses since 1842.