About to purchase 1st property

[Sean Delagrange]

Hey everyone,

Newbie here.

Zeroing in on my first property in Athens, GA. It’s a brand new construction which won’t be done until July 30th, so I’m getting a lot of different types of quotes from lenders with different durations on locked rates. Anyone have advice on how to best navigate the long closing period scenario?

If I “lock in” a rate for 180 days, can I always find a new lender if the rates decrease and the current lender won’t float down to the market rate at that time?

Lastly, if anyone has any tips on lenders who are giving the best rates currently with 20% down, I’m all ears!

Thanks everyone!

[Zach Lemaster]

@Sean Delagrange

New construction is the way to go!  Are you doing a construction to perm loan, or regular conventional financing upon completion?  If the latter scenario I would advise against any sort of long term lock.  No one knows for sure, but my best guess is that rates will stay low for quite some time.  New construction that is still positive cash flow is an excellent way to get started!  I have many excellent lender resources I'm happy to share for all types of loan options.

We don't have new builds in GA, but we have new builds in a few different locations that offer cash flow, appreciation, immediate equity (home is worth more than you pay for it upon completion) all in an A class location that serves an affluent tenant demographic! I'm happy to answer any questions you have on these.

https://www.biggerpockets.com/users/ZacharyCole/references