Mortgage rate for building new house

monicapharm · 发表于 2012-9-24 11:00

本帖最后由 monicapharm 于 2012-9-24 12:13 编辑

We placed an offer on a duplex, and the house will be build within a year. We need to get about 280k mortgage from the bank, what kind rate (2 or 3 years fixed) is available for us?

兔宝宝 · 发表于 2012-9-24 11:31

3年的选择比较低吧，我看见最低的大概2.59左右。

marilyn · 发表于 2012-9-24 15:05

建房也能贷款?

郭森房贷 · 发表于 2012-9-25 09:24

1. what type of mortgage is the builder requesting? COMPLETION or DRAW mortgage?

2. If it's completion mortgage, you don't need to lock the rate now, you just need the mortgage approval letter from the mortgage specialist and initial deposit for starting the new home constuction, you will need to talk with your mortgage specialist for finalizing the rate/term at the time of FOUR MONTHS PRIOR new home completion.

3. If it's DRAW mortgage, the lender only allow you to select the FIXED TERM mortgage(except one mortgage specialist- may help you get the FULLY OPENED MORTGAGE), normally it will be higher than the current market fixed term rates (2 & 3 years fixed construction mortgage rate 3.25% & 3.19% - Yes 3 years is higher than 2 years)- however you may selected one year fixed rate at 2.94%, after you moved into new home and lived in there for one year, you can renewal the mortgage with any banks whoever offers the lowest rate.

If you need any assistance, please call me.

Good luck!

monicapharm · 发表于 2012-9-25 10:59

Thanks for your professional answer. It is a completion mortgage. I hope the rate stay low till the end of next year.

小妮子爱生活 · 发表于 2012-9-25 18:17

coral · 发表于 2012-9-25 23:22

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