We just signed a contract to buy a new SFH. We are 1st time homebuyer and have a lot of questions. The builder (Maronda Homes) estimates the closing date may be around the end of February. But he can’t guarantee. It depends on the weather and supply. Actually they just built the foundation. We live in PA and the winter is snowy and freezing. Do you think they can finish it in such a short time? Is it OK to build a house in winter? The salesman said no problem. But I worry about it.
Everybody says the rate will go up. So I am shopping around for the mortgage with longer rate lock period. One broker gave me the rate of 5.5% for 15-year fixed loan no point with 20% down payment. We have one time to relock. The rate lock expires March 30. The salesman orally promises in March the house will be definitely finished. So the rate should work through the closing date. But the broker charges $727 (0.375% of total loan amount, up front and non refundable) as the extended rate lock fee. Are the rate and fee acceptable? Is it worth locking it so early? Or wait couple weeks.
Appreciate for any suggestions.