With rates trending up in 2022 we are seeing the trend of clients paying down with funds and “locking in” the interest rate. Plan some extra money for locking in your rate when house shopping. If a seller is hoping for time to find a home you may need an extended close date. Once under contract on a home you can lock in your rate for a fixed period of time and going longer can be done for a fee. A great topic to discuss with your preferred lender.
For those building a home and timelines often slipping (due shortages in labor & supply chain issues) this can be an added expense. If using a lender provided by a builder make sure you are getting what you need and be persistent (was just explaining “persistence” to one of my 9 year olds this morning). You need to be your best advocate when using a builder provided lender. It may look like the best option initially but does take some extra work on your end.
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