Reply
Frequent Contributor
Posts: 488
Registered: ‎02-07-2010
0

Need Help, New Construction mortgage

I'm sure many have read my problems with NVR Mortgage on my home buying thread. Today I was thinking that I want to strart the mortgage process with my perferred lender. What they keep saying is that they can't lock in the rate until 60 days out. Can the LO still get a mortgage approval minus locking of the rate or can the rate be locked in for more than 60 days? (i.e. 120) we've been quoted 3.25-3.35 which is fine with me and rates would have to drop significantly to want me to change my mind. Any suugestions out there?


Starting Score:TransUnion: 698 (12 FEB 2010), Equifax: 674 (12 FEB 2010)
Current Score (Lender Pulled):TransUnion: 635 (15 APR 2015), Equifax: 685 (15 APR 2015), Experian: 662 (15 APR 2015)
Goal Score:All scores All scores at least 680+ by Jan 2016!!

Take the FICO Fitness Challenge
Valued Contributor
Posts: 1,146
Registered: ‎11-30-2012
0

Re: Need Help, New Construction mortgage

[ Edited ]

You can still get an approval (loan commitment) minus the locking the rate part, it's very common for new construction. Not being able to lock the rate until 30-60 prior to closing is also very common for new construction.

Frequent Contributor
Posts: 488
Registered: ‎02-07-2010
0

Re: Need Help, New Construction mortgage

Thanks Mike for your comment.


Starting Score:TransUnion: 698 (12 FEB 2010), Equifax: 674 (12 FEB 2010)
Current Score (Lender Pulled):TransUnion: 635 (15 APR 2015), Equifax: 685 (15 APR 2015), Experian: 662 (15 APR 2015)
Goal Score:All scores All scores at least 680+ by Jan 2016!!

Take the FICO Fitness Challenge
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.