Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
New Construction Int Rate Lock-In
I've been lurking for quite some time. DH and I are serious about buying new construction. We've met with the builder and had our house priced out. They informed us that if we use their lender we are able to lock-in our interest rate 180 days prior to closing which would be now. I was very surprised we could lock-in this early. DH is calling another lender on Monday to see what rate we can get with them and to see when we can lock-in with them.
If you bought new construction, when were you able to lock-in? Also, the builder agent and build loan officer said we could lock in now and if it goes lower between now and 180 days they will honor the lowest rate. This seems too good to be true...
Re: New Construction Int Rate Lock-In
We locked our interest rate for our new construction in the beginning of August (right before the debt ceiling deadline). I'd shop around and see what other lenders are offering for interest rates before locking in.
Good luck! It's an exciting process.
a married bio
They told us that we could lock in 60 days before closing - I think there is an option to lock in earlier, but I think they charge $$ for that (not sure whether that is 'points' or a fee).
180 days sounds awesome, but it does sound like a long time. How long does it take to build?
Can you use another lender? The builder we are going with requires you to use their lender to get the incentives they offer. But their lender has great rates, etc, so its no big deal for us.
Thanks. I am trying to understand what time in the process you were able to lock in.
EMWindy- That (are their extra charges to lock in this early/change the rate) question is on our list when we meet with the lender tomorrow. They said it will take about 5-6 months to build as they need to pull the permits and then get started building. We can use another lender so we're checking out others rates to make sure we get the best rate, but if we the builders lender right now during the Parade of Homes they are running a special that you get $25k off on upgrades so we'll most likely use their lender.
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"The House We Built."
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