Asked by Phil, 20855 • Thu Sep 25, 2008
I recently signed an agrmt of sale to build a home with TB. Delivery is expected May 2009. Price is $890k, with about $200k in incentives discount, down 20% .. in the end, I expect to borrow about $620,000. This is still under the $729k conforming jumbo limit which ends 1/1/09.
- Who provides this type of loan? I am looking for 30yr fix rate conforming, with excellent credit.
- is it easier to go in-house? TB has their TBI Mortgage subsidiary which they encourage me to apply tor, but TBI said no lock-down possible until and unless within 45-60 days of settlement (i.e. completion date). So if the house is expected to be completed May 1 09, I cannot lock in a rate until after March 1, 09 or so.
- What happens if TBI comes back and give me a high rate then? What is my recourse?
With all this mess in the mkt, who knows what the rates will be? I am not sure what if TBI gives say 10% rate in March and I have to accept b/c I need a loan to move in.
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