{ September 8th, 2009 }
Lock It While It’s Hot
In 2004, a rapper by the name of Cordazar Calvin Broadus- known to many of us as Snoop Dogg- released the mega-hit “Drop It Like It’s Hot“. It was as an instant classic, banking off of its signature “tongue clicking” style and laconic lyrics. There are many things that Snoop might have been trying to express (feel free to check out the lyrics here) but according to the Urban Dictionary, he was most likely talking about one of the following:
(1) Referring to a dance move where a girl drops her posterior to the floor and dances with vigor.
(2) A basketball term for dropping shots through the hoop.(3) A term for rappers when they drop lines/bars/rhymes that are hot.
*I’ve made a few edits, as this is a family-friendly blog.
As important as “dropping it like it’s hot” might be to a rapper of Snoop Dogg’s caliber, locking a favorable (ie. low) interest rate is just as critical to today’s home buyer. A rate lock enables a buyer to lock in a low rate, providing a measure of protection from any future rate spikes that might occur while he or she is still searching for a property. If rates dip even further, a float down will allow the buyer to take advantage of even lower rates, which can amount to substantial monthly savings.
All of this, and a bag of chips can be secured by a lender like Shannon Bagshaw and the crew at Loan South. Their Lock and Shop program is a pretty sweet deal:
- No Cost, No Risk
- Lock periods from 70 to 270 days
- Rate is protected
- One free float down within 30 days of closing
The Relevant Linkage
To contact Shannon about locking and shopping, click here.
To contact me about buying and selling, click here.
