Mortgage for new homeHello folks we are building a new home in Allen tx and as per builder home should be completed by mid jan, 2013. I am just confused how should i do about applying for mortgage and locking a rate. The builder is offering 5K towards closing and paying for seller title only if i use their preferred lender. My question:1) how do i start the process of mortgage rate right now or should i wait till jan 2013?,2) Do start off with asking my builder's Preferred lender a GFE and get GFE from say a bank/mortgage and both?? So the process is Compare rates/ negotiate? and select one and lock rate?? 3) Should i do a lock in rate right now? 4) Are there any gotchas i should be aware of when shopping for mortgage lender?4) What if home is not completed by date and i have a rate locked? what are the consequences? 5) Anything else i need to be aware of ??6) What institution offers the best rates and low cost closing??7) Are banks allowing no cost closing???8) What if i can't put down 20% but yet would like not to pay PMI?? any strategy? November 16 2012 - Dallas00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.