Mortgage Rate Lock?

Hi r/RealEstate,

just bought a new build worth ~$350k with expected completion date Dec. ’22. Builder is offering $10k in seller’s credit if I use their preferred lender. They’re currently offering me a 6 month rate lock at 5.625% for ~$7k (2.5% of the loan amount) with 0.5% up front deposit that goes towards the loan at closing.

I’ve talked to different lenders, they all suggest I take it and pay for it using the seller’s credit. Am I missing something? What would you recommend? Thanks!

submitted by /u/ElCapi6
[link] [comments]

Hi r/RealEstate, just bought a new build worth ~$350k with expected completion date Dec. ’22. Builder is offering $10k in seller’s credit if I use their preferred lender. They’re currently offering me a 6 month rate lock at 5.625% for ~$7k (2.5% of the loan amount) with 0.5% up front deposit that goes towards the loan at closing. I’ve talked to different lenders, they all suggest I take it and pay for it using the seller’s credit. Am I missing something? What would you recommend? Thanks! submitted by /u/ElCapi6 [link] [comments]

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