Extended Rate Lock
Take Control of Your New Construction Home Loan With Fairway’s Extended Lock Program
Plan effectively, save significantly, and stress less when building your dream home in Boston.
Building a new home is not just an exciting adventure, it’s the birth of a dream. But, with the fluctuating mortgage rates, potential homeowners often face the nerve-wracking possibility of interest rates rising before their loan closes. This uncertainty can make what should be an exciting time, fraught with anxiety.
With our Extended Lock Program, you can now secure your interest rate for an extended period of up to 360 days. This means that regardless of any rate increases during the construction phase, you can rest assured that your interest rate remains unchanged. By taking advantage of our program, you eliminate the anxiety of unexpected rate hikes and gain greater control over your budget.
Available for Various Mortgage Loans
Our Extended Lock Program isn’t limited to conventional loans; it extends its benefits to FHA, VA, and USDA mortgage loans as well. Regardless of the type of loan you choose, you can take advantage of our program and enjoy the stability and financial security it provides. We believe that all potential homeowners should have access to reliable options that shield them from rate fluctuations during the critical period of building their dream home.
Enjoy the Benefits of a Temporary 2-1 Buydown
Our Extended Lock Program goes beyond rate-locking by offering a temporary 2-1 buydown option. This unique feature can potentially lower your interest rate for the initial years of your loan, resulting in significant savings during the early stages of homeownership. By reducing your interest rate, we aim to make your mortgage more affordable and provide you with a smoother transition into homeownership.
“A lower interest rate for the first few years of your mortgage can make a world of difference. It’s about easing into the journey of homeownership, and our Extended Lock Program helps you do just that.” — James, Fairway Independent Mortgage Corporation.
Let’s break down why this program could be the key to a smooth home-building process:
- Early Rate Lock: The ability to secure a rate before the first brick is laid puts you in control, and mitigates the risk of rising rates during construction.
- Extended Lock Duration: An extended lock-in period offers flexibility, ideal for those uncertain about their home’s completion date
- Peace of Mind: Above all, this program offers tranquility amidst the whirlwind of new construction.
Your Expert Guide in Home Building
Whether you’re a first-time homebuyer venturing into new construction or an experienced homeowner looking to build again, Fairway Mortgage is here to guide you through the process. Our team of experts is committed to providing you with personalized mortgage advice tailored to your unique situation. Remember, knowledge is the first step towards wise decisions. So, get started today with a quote and understand more about how Fairway’s Extended Lock Program can help make your dream home a reality without the stress of market volatility.
FAQ
Find Out Answers Here
Conventional mortgages hold the title as the most popular type, with lenders originating more than 4.1 million conventional loans in 2022. This contrasts with over 1.3 million nonconventional mortgage originations, including FHA, VA, and USDA mortgages, highlighting the diverse needs of homebuyers.
VA loans often feature the lowest interest rates, benefiting from the support of the Department of Veterans Affairs. However, FHA mortgages also offer competitive rates, particularly for those with less-than-perfect credit histories. Ultimately, securing the best rates depends on various factors, including credit score, debt-to-income ratio, property type (single-family home, condo, or multi-family and down payment size.
FHA mortgages are generally considered the easiest to qualify for, designed to assist those with lower incomes or less-than-ideal FICO scores. If you’re finding it challenging to qualify for a conventional mortgage, an FHA loan could be a viable path to homeownership.
Many first-time homebuyer programs allow buyers who haven’t owned a property in the past three years. This includes divorced spouses who have only jointly owned a home with an ex-spouse.
Choosing the best mortgage lender will depend on the home loan options you’re applying for, how much you want to borrow, the term of the loan, mortgage interest rate, and many other factors. Review our guides for best mortgage lenders, top FHA lenders, and best VA lenders.
Choosing the right mortgage is a significant decision that will impact your finances for years to come. Whether you’re considering a loan backed by the U.S. Department of Veterans Affairs to take advantage of lower mortgage rates without the need for upfront mortgage insurance or exploring a USDA mortgage to purchase a home in a rural area, tools like a mortgage calculator can be invaluable. They help you understand the total loan cost, including the life of your loan and potential higher monthly payments. Remember, making a down payment can reduce your monthly obligations and increase the equity in your home from the start. Ultimately, the best path forward involves careful consideration of your ability to qualify for a mortgage, the type of loan that suits your financial situation, and how long you plan to stay in your home, ensuring you select the mortgage that aligns with your long-term goals.
