terminator_desi Posted January 9, 2022 Report Share Posted January 9, 2022 Quick question regarding mortgage rates work for ready to build home.I am signing the contract now for a ready to build home which takes 8months to complete.Does current mortgage rates apply or the mortgage rates after 8months for this home?Is there a way to lock the rate for more than 3months since in the current scenario rates are expected to increase this year Quote Link to comment Share on other sites More sharing options...
Netflixmovieguz Posted January 9, 2022 Report Share Posted January 9, 2022 15 minutes ago, terminator_desi said: Quick question regarding mortgage rates work for ready to build home.I am signing the contract now for a ready to build home which takes 8months to complete.Does current mortgage rates apply or the mortgage rates after 8months for this home?Is there a way to lock the rate for more than 3months since in the current scenario rates are expected to increase this year Noo Quote Link to comment Share on other sites More sharing options...
desiboys Posted January 9, 2022 Report Share Posted January 9, 2022 9 months rate lock chesthunnaru ippudu foundation start aythe 1 Quote Link to comment Share on other sites More sharing options...
cloud Posted January 9, 2022 Report Share Posted January 9, 2022 1 hour ago, terminator_desi said: Quick question regarding mortgage rates work for ready to build home.I am signing the contract now for a ready to build home which takes 8months to complete.Does current mortgage rates apply or the mortgage rates after 8months for this home?Is there a way to lock the rate for more than 3months since in the current scenario rates are expected to increase this year 8 mnths trvata rate apply ithadi , epdu just pre approvals adugutaaru builders to make sure u can finance 1 Quote Link to comment Share on other sites More sharing options...
nijamena Posted January 10, 2022 Report Share Posted January 10, 2022 Be cautious. Interest rates are up by 1% in the past few weeks. Don't overstretch. Quote Link to comment Share on other sites More sharing options...
AnandaVivek Posted January 10, 2022 Report Share Posted January 10, 2022 Inventory house which is new emanna dorikethe konunkko…interest rates are rising for sure Quote Link to comment Share on other sites More sharing options...
csrcsr Posted January 10, 2022 Report Share Posted January 10, 2022 8 hours ago, terminator_desi said: Quick question regarding mortgage rates work for ready to build home.I am signing the contract now for a ready to build home which takes 8months to complete.Does current mortgage rates apply or the mortgage rates after 8months for this home?Is there a way to lock the rate for more than 3months since in the current scenario rates are expected to increase this year No bayya 2 minths mundu lock cheukowvochu 1 Quote Link to comment Share on other sites More sharing options...
akkum_bakkum Posted January 10, 2022 Report Share Posted January 10, 2022 9 hours ago, terminator_desi said: Quick question regarding mortgage rates work for ready to build home.I am signing the contract now for a ready to build home which takes 8months to complete.Does current mortgage rates apply or the mortgage rates after 8months for this home?Is there a way to lock the rate for more than 3months since in the current scenario rates are expected to increase this year Some builders only accept only 30 day lock. Be VERY VERY cautious while signing given the volatility and expected rise in mortgage rates. Mortgage rates and initial Loan Estimate (LE) given to you now means nothing. It has a clause in there which states you will receive a new LE within 60 days of closing. Thats pretty normal for construction loans. No lender outside is going to get you a lock period higher than 60 days. I'm yet to see one. 1 Quote Link to comment Share on other sites More sharing options...
tokkalogola Posted January 10, 2022 Report Share Posted January 10, 2022 Max 60 days Quote Link to comment Share on other sites More sharing options...
shamsher_007 Posted January 10, 2022 Report Share Posted January 10, 2022 1 hour ago, csrcsr said: No bayya 2 minths mundu lock cheukowvochu baa, ikkada land undi, danni develop/ house build cheyali anukunte, loan isthara ikkada? Â Quote Link to comment Share on other sites More sharing options...
csrcsr Posted January 10, 2022 Report Share Posted January 10, 2022 45 minutes ago, shamsher_007 said: baa, ikkada land undi, danni develop/ house build cheyali anukunte, loan isthara ikkada?  No idea anno offcourse business loans untayi emo but might not be like home loan terms Quote Link to comment Share on other sites More sharing options...
trendzman Posted January 10, 2022 Report Share Posted January 10, 2022 10 hours ago, terminator_desi said: Quick question regarding mortgage rates work for ready to build home.I am signing the contract now for a ready to build home which takes 8months to complete.Does current mortgage rates apply or the mortgage rates after 8months for this home?Is there a way to lock the rate for more than 3months since in the current scenario rates are expected to increase this year Bro.. You can lock the rate for 1 year. Third Federal is doing it. they changed the rate from 2.89 to 2.99 this week.. you can lock it in next few weeks. go for it. Quote Link to comment Share on other sites More sharing options...
desiboys Posted January 10, 2022 Report Share Posted January 10, 2022 6 minutes ago, trendzman said: Bro.. You can lock the rate for 1 year. Third Federal is doing it. they changed the rate from 2.89 to 2.99 this week.. you can lock it in next few weeks. go for it. 30 year loan 3.17% chupisthundi kada third federal site lo ? Quote Link to comment Share on other sites More sharing options...
trendzman Posted January 10, 2022 Report Share Posted January 10, 2022 5 minutes ago, desiboys said: 30 year loan 3.17% chupisthundi kada third federal site lo ? No bro, 30 year fixed rates is 2.99.. you wont be getting this rate 5 months down the lane. https://www.thirdfederal.com/ 1 Quote Link to comment Share on other sites More sharing options...
desiboys Posted January 10, 2022 Report Share Posted January 10, 2022 19 minutes ago, trendzman said: No bro, 30 year fixed rates is 2.99.. you wont be getting this rate 5 months down the lane. https://www.thirdfederal.com/ 5/1 30 year arm 2.93% chupisthundi but 30 year fixed rate 3.17% chupisthundi Quote Link to comment Share on other sites More sharing options...
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