If you do not need to close on your mortgage until your home is complete, that is called "Turn Key" financing. Basically, the builder is funding the home as it is being built. You settle or close on it after it is completed.

Usually on this type of financing you will need some kind of extended rate lock if you are concerned about interest rates going up. When you lock in an interest rate, it is normal and customary that the rate is valid for 60 days. Most Turn Key applications, require more than 60 days because it normally takes longer than 60 days to complete a home.

We offer extended rate locks in these situations. There is fee for an extended rate lock. It varies with the different mortgage companies. Depending on the length of time needed, we will advise you of the fee for your extended rate lock.