Mortgage rates will eventually rise when the bond market demands more yield to keep pace with inflation.

It could also be that it's overbearing.if it's 19 pages it probably had way more teeth and hooks than it needed to. .

Mortgage rates are driven by the capital market and basically follow the bond market, specifically 10 year US treasury with a premium, historically about 1,7%.Yesterday the 10yT fell to 3.9% and I have seen 5.99% 30y fixed rates with a local bank in here Milwaukee (that is still an inflated 2% premium), so 5.7% would be historically normal based on a 1.7% premium, even without the 10YT going any lower.Here is why.If the 10yT offers lower returns, more investors want to buy mortgage-backed securities instead to get higher returns (about 1.7% higher), as a consequence lowering the returns on those as well.

I work in the financial markets full-time, and I see it as equivalent to a callable bond - a bond that the borrower has the right to retire at any time.

A bond account must be established and posted through Mecklenburg County and the homeowner follows the contractor permitting process.

To be completely honest, if I were you I wouldn't buy a house on these terms because your cap is probably 7-8% and you can get no-risk bonds for 4-5%.

As easy as this sounds, it's not simple and usually like pulling teeth.

I've previously completed a small hard money load to a local multi-family developer for a property that ended up selling the land before developing and then a personally guaranteed business loan to the developer to help them bond a lien situation that resulted in litigation against the contractor for breach of contract. 

I'm assuming the lawsuit had some teeth considering they settled, and I think it's always smart to learn from others' mistakes.

Be sure to check references, go see jobs they've done, check licenses and bonds.