We are currently under contract for a new construction. Due to delays with materials, appliances, etc, our close date has been pushed out.
1. I understand that qualification is good for 6 months. If I am already under contract and the new build takes longer than 6 months, will I have to be re-qualified? Or is it just a matter of keeping my web-file updated?
2. I understand that the interest rate is locked when you get your loan estimate. I have read conflicting information that it is locked/good for 6 months, 1 year, and for the time you are under contract until close. For clarification, how long is it locked?