2006-11-11 12:31:06 · 4 answers · asked by jenny g 1 in Business & Finance ➔ Renting & Real Estate
Wait! We don't know enough about your situation to say get a construction loan. If the builder is building your home as part of a development, the builder typically handles the construction financing on his end. However, if the builder is simply building only one home, i.e. your home, then you'll probably need to get construction-to-permanent financing ("construction-to-perm loan").
Regarding long-term rate locks, many lenders do offer locks greater than 12 months; however, you need to know that interest rates for a 12 month+ lock are high. The rates get higher for each lock increment (30, 60, 90, 120, 180 day, etc.).
2006-11-11 14:54:04 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Like one of the previous people said. Most lenders do offer long term rate locks. Typically the rates are higher depending on how long you need the lock for. Also, once you get past a 180 day lock you might need to provide 1 or more points upfront as a sort of safety for the lender. Also, if you're going to lock into a long term rate make sure your builder is pretty firm on the actual completion date. If they go over schedule you will probably end up paying for the lock extension.
Another option is a float down long term lock. They aren't always beneficial but if you're nervous about letting your lock float then you might want to lock in now and have the 1 time option for a float down.
2006-11-11 16:47:59 · answer #2 · answered by laurens226 1 · 0⤊ 0⤋
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2016-11-23 16:19:39 · answer #3 · answered by ? 4 · 0⤊ 0⤋
Get a construction loan and when finished its pot luck on the rate.
2006-11-11 12:35:39 · answer #4 · answered by Ralph 5 · 0⤊ 0⤋