new construction rate locks

I been seeing a number of posts saying you can’t rate lock a new construction until 60 days ahead of time. I just rate locked a 12 month less than a month ago at mid 4s.

I had to pay for the rate lock and will have to pay points to be at that level. At the time I thought maybe there’s a chance I can negotiate lower, but now I am happy to have a locked rate since I was so stressed out without one.

People who say you cannot lock a extended rate, do you have any knowledge on why you are saying this or just throwing it out there on a guess? Genuine question because I am locked in, but not all banks do 12 month locks.

submitted by /u/Peanutfarmer23
[link] [comments]

I been seeing a number of posts saying you can’t rate lock a new construction until 60 days ahead of time. I just rate locked a 12 month less than a month ago at mid 4s. I had to pay for the rate lock and will have to pay points to be at that level. At the time I thought maybe there’s a chance I can negotiate lower, but now I am happy to have a locked rate since I was so stressed out without one. People who say you cannot lock a extended rate, do you have any knowledge on why you are saying this or just throwing it out there on a guess? Genuine question because I am locked in, but not all banks do 12 month locks. submitted by /u/Peanutfarmer23 [link] [comments]

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