When you lock a rate, your lender is guaranteeing you that rate for a specific amount of time, whether rates go up or down, you get the rate agreed upon at the time of locking. However, market rates can change daily, and rates could go down while your house is being built.
Topics: mortgage loans, single close construction loan, float down option
The normal housing market requires 6-7 months of inventory. Currently, the market has approximately 3.9 months of inventory. From low mortgage rates to insufficient construction of new houses, there are several reasons for the high demand and low supply.
Topics: mortgage loans, single close construction loan, manufactured homes, off-site construction
Mortgage rates will fluctuate up and down based on the market. Rates can change daily, so you don't know what your rate will be until you lock it. By locking a rate, your lender is guaranteeing you that rate for a specific amount of time, typically 30-45 days. Once you lock your rate, it doesn’t matter if the market fluctuates. If you locked at 4 percent and rates go up, you still get the 4 percent. The risk is on the lender when you lock a rate. However, if rates go lower, you don’t get the benefits of a lower rate.
Topics: mortgage loans, float rate, float down option, locked rate
Finding the right house with low inventory can be a struggle. However, you should not count out a home that may need a little TLC.
Topics: FHA 203k loans, mortgage loans, fixer uppers
The National Association of Home Builder (NAHB) recently held a five-day event in Washington DC to showcase the new building technologies and updated features for manufactured homes.
Topics: mortgage loans, single close construction loan, manufactured homes
If you've been thinking about buying a house, this summer is the time to do it. According to Jonathan Corr, President and CEO of Ellie Mae, purchase and refinance activity is on the rise. He also stated that "closing rates remain well over 75% and with the Mortgage Bankers Association reporting solid purchase volume and new inventory on the rise, we could be in for a very robust summer home buying season".
Topics: mortgage application, mortgage loan application, mortgage loans, mortgage paperwork
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