we are looing to buy a preconstruction condo - is it a good investment,
we will have almost a year before we move in - is there a way to lock in rates earlier
thanks for the help
DjPiLL
Posted:
Member since
Re: anyone buy preconstruction
Posted by snowprincess805
we will have almost a year before we move in - is there a way to lock in rates earlier
Not really. Some banks will give you a 365 day rate lock... but its very expensive.
Blu-ize
Posted:
Member since
Re: anyone buy preconstruction
there are some banks that will give you an extended rate lock and charge you a % of the mortgage-sometimes 1-2 %. Sometimes you can get that back at closing. But they have your money for all that time.
dgtlsunshine
Posted:
Member since
Re: anyone buy preconstruction
we bought new construction in VA and we could not lock the rate until 60 days out to completion.
I have a friend her lender's rule was she could not lock until the house was completely drywalled.
