You’re eagerly awaiting the purchase of your new home: a fantastic new construction home that has turned into the home of your dreams. Waiting on that new construction to be finished, however, takes time–and in the meantime, you have plenty of steps to go through. One big step? Deciding whether you want to lock in your interest rate. At 13th Floor Homes, we offer a program that allows our buyers to lock in the current interest rate for their homes while they’re waiting for construction to be finished. Is locking in your interest rate the right choice for you? There are a number of key benefits that home buyers should be sure to check out:

1Avoid Paying More

You’ve carefully chosen just the right home for you and your family. You’ve picked out all the details that matter the most to you. Thanks to choosing new construction, you’ve had a say in many of the key details about your home, from bathroom shower finishes and countertops to the tiles and kitchen cabinets. When you made many of those decisions, you were focused on the things that would make your home look its best. That doesn’t mean, however, that budget doesn’t matter! No one wants to pay more than they have to for anything, especially when it involves the home you’re planning to live in with your family for the next several years. When you lock in your interest rate early, you’ll find that you’re in a better position to get the best possible cost savings on your new home. You don’t want to watch your interest suddenly rise due to market changes, so lock in your interest rate as soon as your home begins to get built. 

2Increase Your Ability to Plan Your Budget

Buying a new home is a big financial decision. You want to be sure that you’re able to effectively plan your budget, especially if you know that you’re going to be tight for a little while immediately after the big move. If you leave your interest rates up to chance, you may find yourself struggling at the last minute to juggle your budget–especially if an unexpected jump in interest rates leaves you with higher monthly payments than originally expected. If you need to be able to plan your budget without any big surprises, go ahead and lock in your interest rate early in the home-building process. You’ll be able to work with your bank to lay it all out: what your payments will look like each month, how long it will take you to pay off your home, and even early payment options, if you’re looking into the opportunity to pay off your home early. Solid budget planning at this stage of the process will also make it easier for you to make critical decisions throughout the moving process, whether you need to decide what type of truck to rent to help transport your possessions or how much money you have to spend on furniture and decor for your new home. 

3 Don’t Miss Out on Interest Drops

Sure, you’re thrilled that your interest rate won’t go up, but what if interest rates, instead of rising, go down while your home is being completed? Here’s the good news: with our program, you won’t pay a higher rate if the interest rate decreases during that period. Instead, you’ll be able to purchase your home with the lower interest rate. Your budget planning is still safe, and now, you can experience substantial cost savings instead of your anticipated spending. Unexpected savings are always a bonus, especially when you’re buying a home; and at 13th Floor Homes, we don’t want our happy new homebuyers to miss out. If interest rates drop while you’re waiting for construction to finish on your home or as you wait for closing day, we’ll allow you to lock in that lower interest rate for your home. Don’t miss out! Instead, lock in your interest rate so that you’ll be able to start planning for your move and your financial future. 

4 Have a  Stress-Free Closing 

When you choose not to lock in your interest rate, you’re leaving it up to chance–and that can create a significant headache as closing time rolls around. You’re ready to move in, get out of your current residence, and take care of the moving process, but there are a lot of little details to take care of, from actually packing up your possessions to making sure that the power is turned on, garbage pickup is arranged, and you’ve changed your address in all those key locations. You don’t want to add any stress to your plate by worrying about what the interest rate on your home will look like on closing day–or worse, wind up regretting the day you chose to close because of a last-minute change in interest rates. Instead, go into your closing with confidence! You’ll know exactly what to expect with regards to your interest rates, which means that you won’t have to stress over what will happen when you sign your paperwork.

ratelock-lockWe want you to have the best possible rates on your mortgage so that you can live in the home of your dreams while maintaining your budget and the quality of life you’ve come to expect–and locking in your interest rate is a key part of that. Don’t miss out on the opportunity to plan and control your budget and grab the lowest possible interest rate for your new construction home. At 13th Floor Homes, we want to help you, not just with the home of your dreams, but with a budget you can manage. Contact us today to learn more about our new construction options or how locking in your interest rates can help you.