Many borrowers who are having a home built, either with a New Mexico custom builder or even with one of the national builders, are waiting for their home to be completed before they can lock in a permanent interest rate. They are at the mercy of the mortgage rates of the future. And with the way mortgage interest rates are steadily rising here in June 2022, this can cause a lot of anxiety.
Here’s some relief: Indigo Mortgage can now offer 180-day rate locks for a mortgage, that’s a 6 month lock. So, borrowers in the middle of construction on a new home can now lock in an interest rate at today’s rate rather than a possible higher rate in the future.
The great part of this is if rates go down, borrowers can float down to the lower rate, but if rates continue to go up, they are locked in. This 180-day lock option is a great way to hedge against a rising mortgage interest rate environment. And it’s a no brainer– at Indigo Mortgage, we don’t charge any fees to lock the rate for 6 months. So if you are in the middle of construction and you are nervous about what interest rates will be in the future, call us at Indigo Mortgage and explore our 180-day lock option.