So I locked in the HSBC 2.35% 5 year fixed rate. But say I buy pre-construction and the closing is expected for next year, does that mean I will lose out on my rate since I don't start the actual mortgage amount until next year?
Mar 20th, 2017 11:43 am
Mar 20th, 2017 12:25 pm
You don't have a mortgage with pre-con during the initial stage. The 20% is paid to the builder.
Mar 20th, 2017 2:37 pm
Yes, most rate holds are only for 120 days. You won't get that rate if you close after the 120 days.
Mar 20th, 2017 3:45 pm
Yeah... you need to apply for the mortgage when it's closer to closing date... you'll get whatever the rates are at that time as most lenders only guarantee rates for 90-120 days.