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Personal Finances / Buying or Selling a Home


Subject:  Re: Help on new construction? Date:  6/14/2002  2:46 PM
Author:  himjhamb74 Number:  43520 of 129163

I am also interested in knowing this answer since I am also in the same position as you are. Buying a new construction. Closing date is end of October & cannot lock into a rate.

Just about to get out of attorney review. I have been told that there is very little a buyer can leverage our from the builder in a new construction deal. I got a taste of that in the contract. The builder made out his contract, my lawyer put a few riders onto it & then the builder took out most of them. Moreover, my builder does not entertain any real estate agents.

In order to avoid any defaulters, my builder also insists the buyer's get a mortgage applied through their financial company .... of course, the buyer is free to close with whomsoever he/she wishes but one application has to be done with the builder's financial company.

Given my current scenario, I have a couple of questions.
1) By when do I have to come up with the downpayment. Assuming my closing date is end of October, do I have to come up with the downpayment at the time of closing OR when I lock in the rate ?
2) I have a credit card loan (0% APR) which expires in 2 months. I have received another one for 0% till end of June 2003 & I wanted to apply for this new card & transfer my balance from the old one to the new one so that I can carry the balance for another year at 0%. Would it impact my mortgage approval if I applied for a credit card right now ???

Any suggestions/help is much appreciated in this matter.

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