Will I be able to get a Mortgage Rate held until closing?

When you apply for a pre-approval the rate and application is typically valid for a 120 day period.

Some banks can extend a 12 month rate hold. Typically the construction period takes more than 12 months in which case your pre-approval will expire.

Occasionally builders have bank representatives in their sales offices who can provide a unique pre-approval with something called a capped-rate hold. The cap-rate is priced very high, usually +2.00% over current rates to anticipate for future interest rate increases.

About 4 months before closing you should apply for your final mortgage and shop for current rates.

This question was answered by Chris Molder (Mortgage Broker)