Ryan and I work with some great lenders who can lock your interest rate for a year. What an amazing option! Interest rates cannot stay at 3.6% forever. This is a great way to ensure that you can benefit from today’s rates when your house is complete.
It’s called the “Builders Best Program” offered by Wells Fargo:
The Builder Best Expanded Options Program is one in a suite of Builder Best programs, which offer a range of features that can be tailored to meet the needs of the customer (borrower/builder). Builder Best Expanded Options program allows a borrower to lock in a maximum ceiling rate and price on a qualified product for a newly constructed property or rehab with an extended lock term of 120-360 days.
The customer will pay a fee for the extended lock following the fee schedule associated with the program. Builder Best Expanded Options protects the borrower against rising interest rates.
It is my understanding that this fee goes towards your closing costs in the end at closing, but I need to verify that.
For more information, contact Josh Ballard at Wells Fargo. Josh has been doing loans for the last 8 or 9 years and is very good at what he does!
Josh Ballard
Wells Fargo Corporate Home Mortgage l 2607 East Glenn Avenue l Auburn, Al 36830
MAC M0117-011
Tel 334-502-0245 l Cell 334-707-2622 | Fax 877-607-1419
Joshua.R.Ballard@wellsfargo.com