CA Jumbo rate quotes for $950K brand new home loan

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Hi there,

Greetings. Hope all is well at your end.

I’m looking for 5/1 ARM,7/1 ARM, 10/1 ARM and 30 years fixed best rates for below loan scenario

  1. Home price $1.3 M
  2. Loan amount $950K
  3. Credit score 790+
  4. Property zip code 94568, CA
  5. Brand new home. Construction is in progress & will be ready by end of September
  6. Close of Escrow by end of September

Any referrals/reco/rate quotes is highly appreciated. Also is it better to lock now or wait as we’re almost 120 days from closing? What’s your advise?

Thanks in advance for your time and help.

S


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Hi, and congratulations on your new home. Sounds like you’ve got a plan, and that always helps. While rates have been on the upswing, the downside of locking too far out is that pricing is significantly worse as lock terms lengthen. For instance, a 30 day rate lock is priced better than a 60, a 60 better than a 90, etc. In many cases, locking over 90 days also requires a deposit, which is designed to cover the lender’s cost if the loan were to move elsewhere and not close as planned. You can certainly get rate quotes now, but it’s important to remember (which you likely do if you’re reading Mortgage News Daily) that rates vary from day to day, so the quotes you get today are potentially meaningless tomorrow. The biggest differentiation between lenders is not necessarily their rates, or costs, it’s the lender’s service and expertise. Basing a lender decision strictly on pricing without regard to reputation or service is not a sound strategy. If you’d like to email me through my profile, I’ll be glad to shoot you some rates (I write loans nationally), we typically don’t post lender rates here in the Q&A area, if we did, could run into RESPA concerns for all involved. Thanks for being a MND reader! Ted

Answered 3 months ago
Ted Rood
1219 6

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