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We are building a new construction home with a custom builder. From what we are told, our loan is considered a construction loan instead of a conventional home loan. We close on the home in March, they start building by April and it will probably be finished in November. We want to lock in our rate at what it is now, but they told us this is not possible and that our rate will be whatever the going rate is at the time our home is completed. Is this true? Is this negotiable or is this standard? I really hope the rates don't go up too high by November.
We are building a new construction home with a custom builder. From what we are told, our loan is considered a construction loan instead of a conventional home loan. We close on the home in March, they start building by April and it will probably be finished in November. We want to lock in our rate at what it is now, but they told us this is not possible and that our rate will be whatever the going rate is at the time our home is completed. Is this true? Is this negotiable or is this standard? I really hope the rates don't go up too high by November.
Check with another lender. Perhaps, the custom builder is using a lender who isn't flexible.
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