My husband and I signed a purchase agreement for a new build at the beginning of this year. Initially we were told it would be done by November 2021 but due to covid delays and supply shortage, we’re about to break ground within a few weeks and looking at another 6 months or so for completion. Prior to signing our PA, we shopped around for lenders and after the PA, we submitted a formal mortgage application and got approved with one of the preferred lenders. Since then, we haven’t really kept in touch much with him. (Should we be?) I think we only contacted him once back in May to inquire about an extended rate lock but he said we would only be able to do 7 months out.
My understanding is that we can still change our lender. I was told a while ago that I should be rate shopping again when it’s closer to our closing date (completion date tbd in the next few weeks- hoping by March/April 2022).
1.) With that said, when is a good time for us to start looking at the different lenders again for rate? 2.) Will the multiple credit pulls from the various lenders affect us especially since the lender we originally applied with pulls our credit every 120 days. 3.) With the threat of rates going up next year, an extended rate lock now seems like a good idea since we have a better idea of when the house is expected to be done. Should we just go ahead and apply with other lenders now to check the rate plus ask for the extended lock?
Would appreciate any advice for those who had gone through this process! This is our first time with a new construction home.
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source https://www.reddit.com/r/RealEstate/comments/pymjur/looking_at_lenders_for_new_construction/
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