New Construction Rate Lock

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  • #47877

    When does your interest rate lock for a new construction? Our purchase workshop is Thursday, we’re submitting our P&S on Thursday evening after the workshop or first thing Friday morning. We REALLY want this low interest rate before it goes back up.

    Would we lock now or would we have to wait until construction is finished before our interest rate locks in?

    #47878
    msleslie
    Member

    It locks in when the P&S is accepted. Which is great if the interest increases. In my case, it sucked because while the home was being built, the interest rate decreased. It was crazy because I had to buy down my interest rate to the new rate for my payment to work. I am grateful and blessed nonetheless.

    #47879
    DeeCee
    Member

    You don’t have to wait until construction is complete, but look back at my past posts about rate locks and new construction for more detail on when. It’s not as simple as submitting the P&S agreement.

    #47880

    DeeCee,

    How long before it expired? Will be be longer than 4 months?

    #47883
    DCL822
    Member

    Hi @DeeCee, thanks for the recommendation to read your posts. I also just purchased new construction and will be submitting my P&S this Thursday. My home will not be completed until November and I am also worried about my rate lock. My question after reading your post is, were you able to renew your interest rate at the same rate it was locked at? Did you have to renew your rate more than once? Thanks so much

    #47884
    southflorida
    Member

    you don’t have to renew the rate, it is locked when NACA received the P&S agreement and it’s locked for a year

    #48344
    DeeCee
    Member

    Hi,

    We didn’t have to renew. Sorry I missed these post notifications!

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