Getting a mortgage in Aspen

There are few places on earth more beautiful than the Aspen, Colorado area. The areas that comprise Aspen are broken down by the four ski areas known as Aspen Mountain. Aspen is generally regarded as the most expensive city in the country in terms of buying a home. Aspen has everything from estate to mobile homes costing 1 million dollars. The median asking price for homes in Aspen is usually around $4,000,000. 

Rate Lock: What if interest rates are increasing while your home is under construction?

You have carefully planned your new home and it is going to be the home of your dreams. Before you started the construction, your lender told you the rates were around 3.5% but now they have increased to 4.5% and your payment is more than 10% higher than you have anticipated. Your lender also told you that you cannot lock until it is less than 90 days from the closing.  Being stretched is one thing, but 10% more is really cutting in to your discretionary spending. So now what do you do?

Before you build your home you should really inquire with your lender about a one-time close option. This is one of the few programs that allow a rate to be locked for the permanent loan prior to closing the construction loan.

A one-time close loan is used to finance the construction portion of the loan and then it converts to the permanent loan as soon as you are given permission to occupy the home. Many banks have such a program but not all. If you are looking for a mortgage, search mortgage rates from the best lenders at checkrates.com