Frequent Contributor
Posts: 461
Registered: ‎02-07-2010
Pre Construction and Mortgage Loan
[ Edited ]

My wife and I are currently going to be apply for a mortgage late next month. The home isn't built yet. What I wanted to know is how does this process work exactly... Will we get approved for the mortgage and just wait for the home to be built or will we not close on the house until it is fully completed and inspection, ect. can take place? Also, when during this process would we actually lock in our interest rate? I am military and we are going to VA route.

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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