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Real Estate
Reply to "Best Loan Source for Large Renovation?"
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[quote=Anonymous]When we did a construction loan we locked in our final rate as part of the package, but this was 6 years ago, we used SunTrust now Truist, but I am not sure they still do these. We did about a 400K Reno and folded about 350K into the new mortgage. One thing to look out for if you do this is that there is a time limit on the rate lock and the construction has to be complete before your lock runs out. Need to be careful on timing and prepared for permitting and construction to take longer than expected. I think it was called a single close construction loan. [/quote]
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