New Construction
New Construction continues to be a big part of the real estate industry as we just came through one of the more unique time periods with less than average housing inventory. Despite supply chain delays, inflation and increased costs in building materials, families will continue to seek new homes from builders.
There are different types of financing for new construction.
Turnkey Financing – Turnkey financing is when the builder finances the home while it is being built. Upon complete, the buyer of the home finances the end loan so the builder can be paid in full.
Construction to Permanent Ownership – Where a construction loan is involved, draws are taken by the builder until completion of the build.
At Wells Fargo we have several rate lock options that help our customers lock their interest from ranges of 90 days, 180 days, 1 year and up to 2 years. Having the ability to lock your interest rate 1 year in advance protects you against changing interest rates and market volatility. You have the option to float down up to 60 days prior to closing if rates happen to be lower.
Feel free to reach out to me if more information about your specific situation is needed.
Cell: 920-931-5361
Contact Ben Gucinski Today!
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