Home Value Lock Insurance Now Available To Stanford Mortgage Homebuyers
Home Value Lock, a market value insurance product for homebuyers, has partnered with Stanford Mortgage to protect more Sacramento-area buyers from a home price drop.
Home Value Lock, which was launched earlier this year in Northern California, protects the first 10% of a home’s purchase price against a scenario where the market value has gone down when it gets resold. The product, which is fully licensed and regulated in the state of California, is a revolutionary product and the first of its kind to hit the marketplace.
“The Mortgage Advisors here at Stanford Mortgage pride themselves on the long-term relationships they have built with their customers,” said Director of Operations Stephanie Chapman. “We don’t just want to originate loans; we also want to ensure that the purchase of their new home is a smooth process. In addition, we want to help make sure the investment in their new home is a financial success. One of the ways we can demonstrate our alignment with these outcomes is by providing this coverage as a closing gift for our clients.”
“Homebuyers are generally hoping that the value of their home go up over the time that they own them, but that doesn’t always happen,” added Evan Weston, Director of Sales for OMT Insurance Services, which distributes Home Value Lock. “Our coverage is designed to provide some peace of mind for the first three years of ownership, which is normally when your equity cushion as an owner is most vulnerable. Increasingly, we are seeing natural perils like wildfires have an impact on housing markets. In the extreme, properties are being destroyed, but also indirectly, you are seeing property insurers either withdrawing from California or considerably increasing the cost of coverage. Home Value Lock provides some protection against events like this that can impact local resale markets.”
Home Value Lock will be offered to Stanford Mortgage clients purchasing a new home. The product is available across the greater Sacramento area, but subject to the terms of coverage.
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