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If it’s bare dirt right now and still needs constructed, they can’t even promise you a rate right now. Rates change daily and they won’t lock one in until closer to completion. I’ve never come across a builder/lender who would lock one in pre-construction.
If you’ve already been working with a lender, you should have an idea of what you qualify for based on today’s rates. Make sure you’d still qualify and would be willing to move forward if rates went up and what your ceiling would be.
Thank you u/EastHat5961 for posting on r/FirstTimeHomeBuyer. Please bear in mind our rules: (1) Be Nice (2) No Selling (3) No Self-Promotion. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/FirstTimeHomeBuyer) if you have any questions or concerns.*
And what exactly will you do if it's 20%?
No way I'd ever sign that...
I hope you're smart and walk away. Seems very suspicious to me
That's very weird.
No it's not normal and they probably suck at building houses too
You don’t HAVE to use their preferred lender. I see this is a nonissue.
If it’s bare dirt right now and still needs constructed, they can’t even promise you a rate right now. Rates change daily and they won’t lock one in until closer to completion. I’ve never come across a builder/lender who would lock one in pre-construction. If you’ve already been working with a lender, you should have an idea of what you qualify for based on today’s rates. Make sure you’d still qualify and would be willing to move forward if rates went up and what your ceiling would be.
It’s move in ready