Mortgage rates for ready to build homes

[terminator_desi]

3 hours ago, nijamena said:

Be cautious. Interest rates are up by 1% in the past few weeks. Don't overstretch.

Sorry bro.Can you please give more details why I should be cautious ?

[terminator_desi]

2 hours ago, akkum_bakkum said:

Some builders only accept only 30 day lock. Be VERY VERY cautious while signing given the volatility and expected rise in mortgage rates. Mortgage rates and initial Loan Estimate (LE) given to you now means nothing. It has a clause in there which states you will receive a new LE within 60 days of closing. Thats pretty normal for construction loans. No lender outside is going to get you a lock period higher than 60 days. I'm yet to see one.

So you are saying I should be cautious and sign the contract only if I am ok with the increased rate during closing even though current rate is less?

[nijamena]

40 minutes ago, terminator_desi said:

Sorry bro.Can you please give more details why I should be cautious ?

For ever 1% rise your affordability decreases by 60- 70k.

 

 

[trendzman]

8 hours ago, desiboys said:

5/1 30 year arm 2.93% chupisthundi but 30 year fixed rate 3.17% chupisthundi

Oh may be state selection might be changing the rate bro..i selected ohio..

[akkum_bakkum]

9 hours ago, terminator_desi said:

So you are saying I should be cautious and sign the contract only if I am ok with the increased rate during closing even though current rate is less?

Exactly. Calculate how much your payment would be if there is a 1% increase in interest rate...to be on a safer side. For e.g. if your current lender provided rate is 3.125%, check what is the equivalent payment if the rate is 4.125%. If you are ok, then proceed. Otherwise you may end up losing earnest money if you back out. Builders sambhavana vishayam lo chala gattiga vuntaru. Once out of your bank, they aren't coming back no matter what, especially in this buyer frenzy market.

[terminator_desi]

16 minutes ago, akkum_bakkum said:

Exactly. Calculate how much your payment would be if there is a 1% increase in interest rate...to be on a safer side. For e.g. if your current lender provided rate is 3.125%, check what is the equivalent payment if the rate is 4.125%. If you are ok, then proceed. Otherwise you may end up losing earnest money if you back out. Builders sambhavana vishayam lo chala gattiga vuntaru. Once out of your bank, they aren't coming back no matter what, especially in this buyer frenzy market.

thansk bro.Usually enta untadhi earnest money?

[akkum_bakkum]

1 hour ago, terminator_desi said:

thansk bro.Usually enta untadhi earnest money?

Depends on the builder. If you are custom building the entire home from dirt, gattiga laagutharu, min. 5k. aa taravtha design center upgrades ki deposit kuda teeskuntaru usually 50% of the upgrade cost. 10k-15k esko rough ga

[naranjaX]

Rates that you get now are only to make sure that you can afford that home based on your current credit history .... the actual rate will be based on what you get closer to delivery of the house 

[neekunuvvetopu]

14 hours ago, trendzman said:

Bro.. You can lock the rate for 1 year. Third Federal is doing it. they changed the rate from 2.89 to 2.99 this week.. you can lock it in next few weeks. go for it. 

Bro.. It says "

Desired Closing Date

 

The closing date you enter can't be more than 60 days from the current date."

 

Did you talk to someone to lock more than 60 days?

[sureshkonda]

third federal oka bakwaas company. bbb la reviews worst unnayi.

[trendzman]

57 minutes ago, neekunuvvetopu said:

Bro.. It says "

Desired Closing Date

 

The closing date you enter can't be more than 60 days from the current date."

 

Did you talk to someone to lock more than 60 days?

Yea my friend called the Middleburg Heights and confirmed. They said the rate can be locked for 1 year with 1% deposit. 

[trendzman]

49 minutes ago, sureshkonda said:

third federal oka bakwaas company. bbb la reviews worst unnayi.

Decent rate with decent closing cost unte chaalu kada bro. what else do we want. monthly payments are as-usual kada..

Am i missing something?

[phatposts]

17 hours ago, trendzman said:

No bro, 30 year fixed rates is 2.99.. you wont be getting this rate 5 months down the lane.

https://www.thirdfederal.com/

Ila specific info veste very useful for everyone. Thank you

[neekunuvvetopu]

9 hours ago, trendzman said:

Yea my friend called the Middleburg Heights and confirmed. They said the rate can be locked for 1 year with 1% deposit. 

thats possibly the catch bro.. if you dont take it.. you lose 1%