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In an uncertain market, rates can climb, dip or both. Changing rates can often cause changes in plans. Knowing when to lock-in rates can be confusing – that what makes the Builder Best® program so beneficial.
- Free 6-month interest rate lock*
The interest rate can be locked for up to 360 days. The lock is free if you close your loan with us within six months; after 6 months there is a nominal fee.
- Financing Options
Choose from a variety of mortgage loan products, including 3/1, 5/1, 7/1 and 10/1 Intermediate ARMs.
- Flexibility
If the market improves, homebuyers have the option, within 60 days prior to closing, to "switch" to any eligible mortgage product at the current market interest rate.* *
Recommended for people who:
- Want to protect themselves against rising interest rates while their homes are under construction
Our Builder Best® program protects homebuyers against rising interest rates while their new homes are under construction by enabling them to lock their interest rate for up to 360 days. If the market improves during construction, homebuyers can exercise a one-time float-down option at no additional cost to get the optimal rate. Or they can make a one-time switch to any eligible mortgage product and get the current rate, at no additional cost.***
Disclaimer
* At initial lock-in and any additional lock-in periods, the borrower is required to remit an up-front fee to be applied to closing costs or refunded upon loan closing. In the event that the loan does not close with us, the up-front fees are non-refundable.
** Product switch option may only be exercised within 60 days of closing.
*** Change of loan product or program, float-down, or relock rate will require underwriting approval. One-time float-down option is available within 60-days of closing to any non-Builder Best® program; relock is not allowed within 30 days of the original lock. If relock period exceeds 50 days, applicable extended lock fees will be assessed.
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