Loan Lock and Closing

Loan Lock

The only thing anyone knows for certain about interest rates is that they will change. Do not rely on anyone's predictions regarding rates. Locking your rate prematurely can result in extra expense if your new home is not complete in time to close within the lock period. We will update you throughout the process of construction on the target delivery date.

Until we reach a point in construction where factors outside our control can no longer affect the delivery date of your home, the decision to lock your loan is at best a gamble.

Lock only after written delivery date confirmation

Lock your loan only after Classic Homes has provided you with a written delivery date confirmation.

Loan Closing

Between the date your loan is approved and the date of your closing, remember that any significant changes in your financial circumstances could impact your loan approval.

Please note that if your closing occurs more than 30 days after the lender issues your loan approval, the lender may order an additional credit report just prior to the closing date.

Changes in your financial circumstances — for example, purchasing a new car or significant increases in your credit card balances — will appear as a new liability on your updated credit report. Such changes may cause your lender to reconsider your approval. Holding off on such purchases until after closing is best.

Avoid financial changes before closing

• Don't open new credit accounts.
• Don't make large purchases on credit (cars, furniture, appliances).
• Don't change jobs if it can be avoided.
• Don't move money between accounts in untraceable ways.
• Don't co-sign loans for anyone else.