At the Builder’s mercy..
15 October 2006I hate being on the short end of the stick when doing business. Buying a new construction house makes YOU be at the mercy of the builder and you will not be in control.
I want to lock in as soon as possible for my new loan. The inhouse lender says that I can lock up to 60 days from closing. Ok thats fine, the building says that we should be closing at the end of December. The problem is , the “official” closing date is provided to the buyer after the kitchen cabinets are installed. Is this at the 60 day mark? Probably not. So, the lender won’t work with unless I get an official date.
This leaves me hanging on my interest rate, if the market turns for the worst, I’m stuck, nothing I can do. If I’m a lucky man, interest rates will drop. We’ll just have to wait on see!
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