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Rate Lock Extensions
Mortgage Library: Ask a Mortgage Related Question: Answers: Rate Lock Extensions
What is the earliest someone can lock in a rate on a house that is being built, due to finish in 7-9 months? I have a home that is not built that will be built soon, I'm told by some companies I can pay a point up front to lock in a rate now for 1 year and some companies telling me not until 60 days before the house is built.
Actually, both answers are correct, depending on the loan programs available to the mortgage company you ask. Usually for construction loans there is a lock period anywhere from six months to one year, with a float down option (if rates are lower) before closing. If a loan officer told you the longest lock available was 60 days, then I would guess that either he/she didn't know what they were talking about or doesn't do construction loans.
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