Extended Rate Locks for New Construction Loans in Illinois
If you are considering purchasing a newly constructed home in Illinois and the home may not be ready for 4 months or more, you really need to be concerned about your interest rate. Rate locks are typically only good for 60 days. What happens to the affordability of your mortgage payment or even your ability to get approved for your mortgage if rates shoot up 1% or more?
United Home Loans offers extended rate locks for borrowers who are purchasing a new construction home in Illinois. These rate locks offer you the best of both worlds – long term rate lock protection with the ability to float down to lower rates once you are within 30 days of closing.
These extended mortgage rate locks will protect your interest rate for up to 8 months. Although there is no actual fee charged for this program, there is a deposit equal to ½ of a percent of your loan amount. This deposit is fully refunded assuming your mortgage loan closes with United Home Loans.
For specific information on mortgage rates and an actual quote for a specific length of time, please contact United Home Loans below or at 08-531-8388. Also, make sure you receive a full pre-approval prior to entering into a contract to purchase a new home.