July 6, 2022
At Visionary Homes we want to focus on building your quality dream home without the worry of rising mortgage interest rates. Our goal is to deliver your new home on time and with the payment you know you can afford. We’ve teamed up with First Colony Mortgage to offer the Catch the Vision guarantee. During the build of your home you can lock in your mortgage interest rate for up to 180 days! That way if rates go up, your rate won’t. That’s peace of mind allowing you to worry about more important things, like how to decorate your new Visionary Home.
You can lock in your interest rate during the build of your new home for up to 180 days. That way you will know right from that point what your interest rate and monthly payment will be. Catch the Vision with us! Or if you want to see if the mortgage market shifts, First Colony Mortgage offers other extended lock options for shorter amounts of time such as 90 or 60 day locks.
With the 180 day lock guarantee, if rates do go down during that time, you have the option of a one-time float down to the lower rate. That ensures you get the best option for you in your favor without any additional fees.
Of course we hope this won’t happen. We aim to deliver your new home within the the lock period. However, sometimes unforeseen circumstances arise such as poor weather or supply chain issues. Not to worry, we want you to Catch the Vision with your guaranteed rate. If an extension is needed, it won’t cost you anything.
There is no fee to do the 180 day rate lock. It does require a deposit on the loan, but it is a deposit. There is a small rate-add on to lock-in for such a long period. You also do have the option of a one-time float down should rates go down before construction is complete.