How To Pick A Lender If Home Closes In 9 Months And Lender Requires Commitment?

| Monday 29 June, 2009 4:30 pm | Q&A

My home won’t be built for another 9 months, but the builder wants me to get a loan commitment from a lender I’d like to use. No lender will lock in a rate unless I pay a fee, and I’m not sure the rates will be higher anyways in say 7-8 months so why not ride it out right? My question is how am I supposed to base my decision RIGHT NOW given the only thing I’ll be able to obtain is a good-faith estimate on the closing costs?

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Tags: 9 months, Closes, Commitment, good faith estimate, Home, Lender, loan commitment, Months, Pick, Requires, Right

This entry was posted on Monday, June 29th, 2009 at 4:30 pm and is filed under Q&A. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

1 Comment »

Carolina said,

June 29, 2009 @ 4:35 pm

cuz you can always choose another lender even if they give you the commitment letter.
just go to a lender that doesnt charge any lock fees or anything upfront.
in the 8th month you can look around for another lender…or ask your broker to go shopping for new rates