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I'm building and would like to lock in for contruction completion in October. Is this possible?

  • May 05 2009 - Converse
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Answers (4)

Best Answer

I may also depend on what lender you are going through and how they have there "lock" process set up. You asked if it is possible to lock in for a construction loan and the best answer is yes...but as Kevin mentioned, you may not want to just yet, unless they are offering you something pretty nice to look at.

It would appear that rates might stay low for awhile (not trying to predict the market...) so you may be fine to just hold out for awhile.

Hope that helps...
  • May 05 2009
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Garincho.
You would have to contact a lender.  I sell a lot of new home and some lenders will do that, but usually for a fee.
If you need other tips on buying a new home, check out the link below,
http://www.rebateontexashomes.com/html/new_home_buying_tips.php
Any more help please email me.
Jeff
  • May 05 2009
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just to back up what the other guys said - it's possible in some cases to get up to a 120 day lock, but again, the rate would be pretty high
  • May 05 2009
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Not unless it is a really high rate you lock at.  That is too far out for a lender to specualte the rate for lock.  The pricing usually has a 60 day window for lock.  Even then, you want to give yourself breathing room and not lock just until the "predicted" date of completion.  If you are one day past your lock rate, it's subjected to the current market.
  • May 05 2009
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