Going The Extra Mile To Get Buyers The Best Deal Possible
The Lincoln Lending team’s tenacity saved the Billings family $450 per month on their mortgage, for a total savings of $162,000 over the life of their loan.
The Client
The Billings family was excited to partner with a contractor to build their dream home in the Oklahoma City metro area. When their builder said they were just 30 days away from completing the house, they reached out to our team to get started on their mortgage.
The Challenge
Building a new home has been a challenge over the past couple of years. Material shortages caused by the cascading events of the pandemic often cause delays in new construction.
The Billings were, unfortunately, familiar with these delays.
Normally when our team works with buyers who are building a new home, the loan process begins around 30-60 days away from completion. Since interest rates are always fluctuating, this time frame allows the buyers to lock in their desired rate through the closing date.
The Billings family approached us at the perfect time — 30 days before their contractor said the house would be finished.
As their new property was under construction, the housing interest rates were steadily rising. They knew that they needed to get the home built and close on it or they’d lose the low interest rate they initially qualified for.
The Process
30 days went by, and the home still wasn’t complete.
Our team wasn’t worried because we’d locked the interest rate in for 60 days. The Billings family still had time.
Then 60 days went by, with the housing interest rates continuing to rise. At that time, we needed to obtain a rate lock extension, which gave the Billings an additional 30 days with their original rate. Though there was a cost associated with the extension, it was preferable to the huge hike they’d face if the original lock expired.
Their contractor had, at most, 30 final days to get the house done before the extension expired and their rate would jump nearly two and a half percentage points.
The Success
After a lot of encouragement to make sure the builder finished before the extension expired, plus a lot of coordination with the title company, city, and Billings family, we were able to squeeze closing in at the end of the business day on day 90, the final day before their rate expired.
The title company, Lincoln Lending team, and Billings family met at about 4:00 PM to sign the paperwork just in the nick of time.
Had we waited until the next morning, the Billings family would be paying $450 a month more for their mortgage, which amounts to $162,000 over the lifetime of their loan.
While we can’t guarantee that we’ll save homeowners that much every time, we can guarantee that we’ll go the extra mile to help you get the very best deal no matter the market conditions.
If you have dreams of building or buying your dream home, get in touch with our team, and let’s create a plan to get you into the right loan.
