If you’re in the market for a new home, check out the benefits of a builder rate hold!
If you’re planning to build a new home, you may be wondering how to lock in a low interest rate for the mortgage on your new build. Our team at Mortgage Tree can help. We offer something called a Builder Rate Hold, which allows us to lock in your interest rate for a 12-month period. If you need an little extra time for your build we can also offer 18 months. This gives you some peace of mind knowing that your interest rate will not increase while your home is being built.
What is a Builder Rate Hold?
A Builder Rate Hold is an agreement between you and your mortgage lender that locks in your interest rate for a 12-month period. This means that no matter what happens with interest rates during the construction of your home, your rate will stay the same.
Why Should I Get a Builder Rate Hold?
There are several benefits to getting a Builder Rate Hold when you’re building a new home.
First, it provides some stability during what, can be a chaotic time. With so many moving parts involved in the construction of a new home, it’s nice to know that your interest rate will not increase during this time.
Second, a Builder Rate Hold can save you money if interest rates rise during the construction of your home. By locking a rate now, you’ll be protected from any future increases.
How Do I Get a Builder Rate Hold?
If you’re interested in getting a Builder Rate Hold on your construction mortgage, the first step is to contact one of our Mortgage Tree Brokers. We’ll go over your options with you and help you choose the best mortgage product for your needs. We’ll also provide you with an estimate of what your monthly payments will be so that you can plan accordingly. Getting a Builder Rate Hold is a great way to protect yourself from rising interest rates and ensure that your monthly payments stay affordable.
To wrap Things Up …
Building a new home is an exciting time but can be a stressful one too. There are so many moving parts and things to keep track of. Our team at Mortgage Tree understands this and we’re here to help make the process as smooth as possible for you.
We offer Builder Rate Hold mortgages. Which allows us to lock in your interest rate for 12 months, regardless of what happens with interest rates during the construction of your home.
If you’re considering building a new home, make sure to reach out to Mortgage Tree, click the link to schedule a consultation – https://mortgagetree.ca/contact-mortgage-tree/ .
Contact us today to learn more about how we can help make building your new home an enjoyable experience.
Thank you for taking the time to visit our website and read our blog.
We hope we have been able to answer a few questions.
Please contact us anytime, we are here to help you!
Sincerely
The Mortgage Tree Team – “Your Key to Home Ownership”
https://mortgagetree.ca/contact-mortgage-tree/mortgage-team/