What happens if my new build is delayed past my rate lock?

New construction delays are common and can push your closing past the expiration of your mortgage rate lock, which typically lasts 30 to 60 days. If the delay is significant, you may need to extend your lock, which usually costs a fee, or relock at whatever the current rate is. Some lenders offer longer locks for new builds, often at a higher cost upfront. You should stay in close contact with your lender and builder as the completion date approaches and understand your options if the schedule slips. Rate lock policies and extension fees vary by lender and loan type. The specifics depend on your situation and a licensed lender should confirm how to protect yourself from rate changes during construction, and Jon can connect you with one.

Specifics depend on your situation and should be confirmed with a licensed lender. Jon can connect you with one: text (623) 826-0888.