Peace Of Mind.
George Mason Mortgage offers extended rate locks for homebuyers who are purchasing a new construction home. Our Extended Rate Protection Program options offer you the best of both worlds – long term rate lock protection with the ability to float down to lower rates1 once you are within 30 days of closing.
- There may be several months after you sign a purchase agreement before your home is move-in ready.
- Bridge Loans2 available to purchase a new home without waiting until your existing home sells
- If you’re worried about interest rate changes while your home is being built, ask your home mortgage loan officer how our Extended Rate Protection Program can help protect you while your new home takes shape.
- Ask your mortgage consultant about the new construction process.
If you have your eye on a newly constructed home or a home that’s nearly complete, contact us today about a home loan for newly constructed homes.
1. If rates fall, the applicant may relock the rate within 10-30 days of settlement if rates improve by at least .25%.
2. Available to borrowers who use George Mason Mortgage for the new home purchase loan or all cash purchase transactions.
The Extended Rate Protection will vary based upon the length of lock and requires a deposit at application which is applicable to closing costs. The Extended Rate Protection feature is not available under all programs.
Benefits of Buying a New Home