Home Buying in 61265>Question Details

homebuyer, Home Buyer in Moline, IL

When building your own home - do you get to lock in on an interest rate before the house is built?

Asked by homebuyer, Moline, IL Tue Jul 16, 2013

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6
I would do a construction perm loan! Talk to an expert.. Many on here...Good luck!
0 votes Thank Flag Link Tue May 6, 2014
It all depends if you are buying from a builder in a subdivision or if you have your own lot and are building a home on it.
0 votes Thank Flag Link Tue Aug 20, 2013
Yes you do. The loan is called Construction.
0 votes Thank Flag Link Tue Aug 20, 2013
Yes that is how we close our construction to perm loans. Please call or email me.

Greg Bleyl
216-496-0211
greg.bleyl@charteronebank.com
NMLS 117969
0 votes Thank Flag Link Tue Aug 20, 2013
You can lock your rate but it will be at a small cost, i once locked a rate for 8 months and i believe it costed the buyer $438.00, thats a small cost to ensure you get a great rate.


Riccardo Wardlow
Owner
Quality Mortgage Lending
630-670-8266

RATED A+ WITH THE BBB

*We do Conventional loans down to a 620 score
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*We do VA loans down to a 620 score
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0 votes Thank Flag Link Wed Jul 17, 2013
Some lenders do allow you to lock in a rate, at a cost, but the time may not be long enough to build a home. Check with your lender on the lock time, but expect a fee or a longer lock.
0 votes Thank Flag Link Tue Jul 16, 2013
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