topic New Construction/Loan Depot Rate Lock Time Frame in Mortgage Loans

New Construction/Loan Depot Rate Lock Time Frame

Lynnow — Wed, 19 May 2021 15:17:02 GMT

Our builder LO from LoanDepot told us a few weeks ago that we could lock a rate 60 days out and that they were told that our house will be done mid July.

When I questioned him last week, the 60 days changed to 30-45 days hmmm is that normal? Rates are going up so I just thought it was a little fishy (but what do I know lol)

We will be looking at other loan options as well.

Re: New Construction/Loan Depot Rate Lock Time Frame

tooleman694 — Wed, 19 May 2021 15:39:27 GMT

Its a hard game to play, because these rates change like crazy. I know if you lock in 60 days out there is a cost and the rate will be a bit higher vs if you locked for 30 days.

I am wondering if the LO wants to wait, so you get more of a discount on the rate by locking it later. The rates did go up a bit, but they still look to be trending down. Looks like this morning they are sitting at 3 percent.

My LO had us lock at 60 days because we hit it almost right when it was at the lowest.

Re: New Construction/Loan Depot Rate Lock Time Frame

Lynnow — Wed, 19 May 2021 16:33:14 GMT

That makes a lot of sense! thank you very much