Mortgage Minute - My mind " New build vs Resale"

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Today Doug Crouse of BMO Bank discusses the differences between buying a new build and a resale home. While the processes are similar, new builds come with uncertainties such as fluctuating completion dates and potential rate lock issues.

Crouse advises adding a 30-day buffer to rate locks for new builds to avoid expensive extensions if completion is delayed. He also emphasizes coordinating changes with appraisals to prevent unexpected costs.

Ultimately, careful planning is crucial when choosing between a resale and a new build to avoid disappointments and expenses.