State Savings Bank

At what point can I lock in an interest rate on my end loan?

In general, we recommend locking in the interest rate on your end loan (15 or 30 year fixed rate loan) when your house is 30 days from being 100% complete.  The maximum interest rate lock period is 60 days, so the final 30 days of construction takes up the first half of the rate lock period and the second half of the rate lock period allows time for the appraiser and underwriting to take place.  Communication between the lender, homeowner, and builder are very important in this phase to avoid paying interest rate lock extension fees.

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