dmose
New Member
Greetings,
I recently purchased a new condo which is still being constructed. It will be complete in fall 2010.
I got pre-approved at a certain rate (I think it was %3.6 variable) but only good for 90 days.
My question is, when do I actually "get" the mortgage? If my closing isn't for another year, do I wait until about 90 days before the closing to secure it? What if rates go up by then, can I not lock into something now?
I recently purchased a new condo which is still being constructed. It will be complete in fall 2010.
I got pre-approved at a certain rate (I think it was %3.6 variable) but only good for 90 days.
My question is, when do I actually "get" the mortgage? If my closing isn't for another year, do I wait until about 90 days before the closing to secure it? What if rates go up by then, can I not lock into something now?