Belaire Buck LSU Fan Not in Bama Member since Nov 2011 53 posts
What do you predict will happen with Mortgage Rates...(Posted by Belaire Buck on 11/7/12 at 11:48 am)
... within the next year? I'm looking at starting construction of a new home around the first of the year. Iterest rate can not be lock in until 90% completeion (or soemthing to that affect). It scary to not know what it will be when finished. Any thoughts or suggestions?
guttata LSU Fan prairieville Member since Feb 2006 20605 posts Online
re: What do you predict will happen with Mortgage Rates...(Posted by guttata on 11/7/12 at 1:33 pm to Larry Hollins)
We just finished construction. We were not able to start the permanent financing process until we had an occupancy certificate. Once we got that, they needed all financials again and then do another appraisal. Once all that was done, we locked. Ended up getting a 30 yr @ 3.375 w/ 1% origination. When we started, the 30 yr rate was 4.125. The interest rate on the construction loan was 6% and it took just under 6 months to complete. I'd imagine over the next yr or so that rate will stay in the mid-low 3's on a 30 yr