KB Home Las Vegas new home buyers can lock in a mortgage interest rate while their new homes are being built through a special rate lock program from Countrywide KB Home Loans, according to Tim Ryan, vice president of the joint venture between KB Home Las Vegas and Countrywide Home Loans Inc.
The new home in Las Vegas mortgage interest rate lock program is available on all first mortgages. It allows new home buyers to lock a maximum rate up to 14 months before the closing of their Las Vegas new home. Additionally, if mortgage interest rates fall, buyers can lock the lower rate within 45 days before closing.
“It’s hard for home buyers to budget on today’s mortgage interest rates when they won’t take delivery of their homes for several months,” Ryan said. “The changing market leaves many new home buyers wondering what will happen if interest rates go up before they close on their homes.”
“We understand that today’s buyers may be nervous about the changing mortgage interest rates, but we don’t want that to stop them from buying a new home in Las Vegas of the their dreams,” said Don DelGiorno, the builder’s Las Vegas division president. “This program ensures that they know what rate they’ll have when their home is ready, giving them the peace of mind to move forward with the exciting process of buying a home.”
Las Vegas new home buyers pay a deposit for the rate lock, which is then returned to the buyer at closing. The deposit is non-refundable.
“The program is tailored to the Las Vegas new home construction market,” Ryan said. “Historically, mortgage interest rates have gone up considerably in the last year, year and a half.
“When a Las Vegas home buyer is purchasing a home under construction, a rise in future interest rates can interfere with the home buyer’s ability to qualify for a Las Vegas new home loan when the new home in Las Vegas is ready for delivery. This program guarantees a rate and protects the new home in Las Vegas home buyer from movement in the market.”
KB Home Las Vegas offers more than 30 communities throughout Southern Nevada.
Source: LV Review Journal
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KB Home Las Vegas new home buyers can lock mortgage interest rate.
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