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Tuesday, June 4, 2013

Moving along

Its been a few weeks since my last post and things are moving along well. Just like everyone else I've been struck with the sharp increase in interest rates the past few weeks. I've been talking with my SP, PM, and loan officer to coordinate my rate lock. Lesa and I have put in a 120 day rate lock at 4.25% with .5 credit at closing. It isn't the rate either of us wanted. However, it is still a lower rate than what we are paying on our current home and in 10 years its probably going to be a great rate.

To feel comfortable with the 120 day lock we verified that all of our building permits have been issued, builds in our neighborhood are taking between 60 and 90 days to complete, and that we will break ground 6/6 or 6/7 with an estimated completion date of early September. Our rate lock is good until the beginning of October so we have some built in buffers.

It was a stressful decision, the gambler in me wanted to play the float game and see if rates would dip back down. Prudence won out this time and I took the safe approach. Lesa and I have been burned in the past playing the float game and at this point we know what our monthly payment will be and can plan accordingly.

Lesa and I are getting ready for our precon meeting on Thursday. We have a list of question to go over with Lou, our PM. I will also be pressing Lou to maintain the construction schedule so we are good to go in early September.

More updates later this week!

1 comment:

  1. The interest rates are getting to all of us who started this awhile ago. We signed our contract in January and they were unbelievablely low. We break ground tomorrow or Friday, so we shall see who gets done first.

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