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