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Frequent Contributor
MrChairman
Posts: 461
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: 695 (26 JUN 2013), Equifax: 636 (26 JUN 2013), Experian: 670 (26 JUN 2013)
Goal Score:All scores 700+ by Dec 2013!!

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Valued Contributor
Mike_B03
Posts: 1,146
Registered: ‎11-30-2012
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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
MrChairman
Posts: 461
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: 695 (26 JUN 2013), Equifax: 636 (26 JUN 2013), Experian: 670 (26 JUN 2013)
Goal Score:All scores 700+ by Dec 2013!!

Take the FICO Fitness Challenge

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