Instead of buying a prebuilt home, some clients decide to build their own home. When you, (or your builder), are building a home from the ground up, it could be months or even years before you need your mortgage financing. Depending on market conditions, it could be advisable to get a “builder’s rate hold” mortgage. This is allows you to hold a, “worst case scenario” rate for the completion date of your new home.
Special thanks to our impact partners at the Spire Mortgage Team for assisting with this article! Find out more (at the end of this article) about this incredible mortgage team that helps out hundreds of our clients every year.
When would I need a Builder’s Rate Hold Mortgage?
You would need a builder’s rate hold when the…
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