{"id":5896,"date":"2022-06-30T18:05:00","date_gmt":"2022-06-30T23:05:00","guid":{"rendered":"https:\/\/www.morty.com\/resources\/?p=5896"},"modified":"2022-07-01T11:26:00","modified_gmt":"2022-07-01T16:26:00","slug":"the-morty-report-rising-rates-new-construction","status":"publish","type":"post","link":"https:\/\/www.morty.com\/resources\/the-morty-report\/the-morty-report-rising-rates-new-construction","title":{"rendered":"What rising rates mean for new construction loans"},"content":{"rendered":"\n

We\u2019ve seen an increase in new construction loans<\/a> recently as inventory remains at historic lows. But what happens if you were counting on 3% mortgage rates when they signed a contract over a year ago to purchase a home that still isn\u2019t ready today? <\/p>\n\n\n\n

The price shock is real for many of these new construction homebuyers<\/a>, but there are ways to help safeguard you from this situation. First: explore options with lenders that offer longer rate locks. Additionally, some lenders offer float-down options \u2013 provisions that allow buyers to take advantage of lower rates after locking a rate but prior to closing.<\/p>\n\n\n\n

Both 180-day rate locks and float-down options are available through lenders in Morty\u2019s network<\/a>, but I would also encourage you to consider your longer-term financial picture when setting a budget and figuring out what\u2019s affordable. Saving up to put down a larger down payment upfront can also help to offset some of the additional cost from higher rates in the long run.<\/p>\n\n\n\n

– Robert Heck, Vice President of Mortgage @ Morty<\/a><\/em><\/p>\n\n\n\n

Reader question of the week:<\/h2>\n\n\n\n

I\u2019m selling my house and need to buy a new house, too. Is a bridge loan the right way to go? \u2013 Kim. H. <\/strong><\/em><\/p>\n\n\n\n

Bridge loans are short-term loans that cover you until you receive a new type of financing. They typically range from three months to a year, and can help you to move quickly on buying a new home. Homeowners may use them to finance the purchase of a new home when they need to move quickly (such as when moving for a job) before they can sell their home. Bridge loans are not right for everyone as they often have high interest rates and last for short periods of time. <\/p>\n\n\n\n

In a hot market, it\u2019s really important to have a plan for where you\u2019ll live once you sell. For many buyers, it\u2019s not possible to qualify for a new mortgage while holding down the existing costs of your current home. The maximum DTI (debt-to-income ratio)<\/a> is 40-50%, depending on down payment size and FICO score. Given that markets are highly competitive, you may want to accept an offer on your current home before you\u2019re ready to buy a new one. Renting a home while continuing your search is one option, but keep in mind the added expense \u2013 especially given rising rents.<\/p>\n\n\n\n

Over the past few years, we\u2019ve also seen instances of lease-backs, where buyers close on the sale of their home with the stipulation that the new owners rent it back to them for a fixed period of time (allowing you more time to find a new home). This arrangement doesn\u2019t work for everyone, as your buyers could be selling as well and facing the same situation. That said, it remains a seller\u2019s market, so it could be worth considering. <\/p>\n\n\n\n

\"couple<\/a><\/figure>
\n

Ready to move forward?<\/p>\n\n\n\n

\n
get pre-approved in minutes<\/a><\/div>\n<\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"

June 30, 2022. We\u2019ve seen an increase in new construction loans recently as inventory remains at historic lows. But what happens if you were counting on 3% mortgage rates when they signed a contract over a year ago to purchase a home that still isn\u2019t ready today?<\/p>\n","protected":false},"author":1,"featured_media":5905,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","_lmt_disableupdate":"yes","_lmt_disable":"","_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[611],"tags":[564],"series":[562],"class_list":["post-5896","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-morty-report","tag-mortgage-rates","series-the-morty-report-newsletter"],"acf":[],"yoast_head":"\nWhat rising rates mean for new construction loans | Morty Resources<\/title>\n<meta name=\"description\" content=\"Navigating the housing market in June 2022: Inventory challenges and rate uncertainties for new construction buyers. 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Apsel","author_link":"https:\/\/www.morty.com\/resources\/author\/nora"},"rttpg_comment":0,"rttpg_category":"<a href=\"https:\/\/www.morty.com\/resources\/category\/the-morty-report\" rel=\"category tag\">The Morty Report<\/a>","rttpg_excerpt":"June 30, 2022. 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