An expert shares his advice about a new construction issue.
What happens when interest rates increase and you no longer qualify for your loan while you’re under contract for new construction? You will be put in a difficult position if you don’t handle it well. That’s why today I invited Rich Cohen of Movement Mortgage, an expert on these real estate situations, to provide his professional advice and solutions.
Feel free to watch the full interview or use these timestamps to browse specific topics at your leisure:
0:00 — Introduction
1:13 — Rich offers extended rate locks as a solution
2:15 — The purpose of extended rate locks
2:33 — My clients’ experience with rising rates while under contract for new construction
3:40 — Rich talks about the 2-1 Buydown as another solution
5:48 — Rich’s predictions for the market
6:46 — Wrapping up
If you’re thinking about buying new construction or looking for a lender, you can reach out to Rich by giving him a call at (919) 616 4912. As always, if you have any real estate questions, call or email me. I look forward to hearing from you!