Is this a good deal fo a new construction project?
We closed on a new construction and we plan to lock the rate for 180 days. We asked the builder’s lender and they are giving us 5.1% for a 180-day rate lock. A deposit of 1% of the loan amount is required and will be used towards closing costs. Is this a good deal? by jerome881 from Maricopa, Arizona. Apr 28th 2022
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,843 contributions
Can't answer if it is a 'good deal', as there are way too many variables I don't know. But, I can say it is extremely common to require a 1% non-refundable lock fee for locking loans typically more than 120-days out. I lend in MN WI ND SD IA - Find me at JoeMetzler.com - Cambria Mortgage, NMLS 274132
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