The Porch Press

Lock Your Rate & Build New

One question we run into a lot these days for those looking to purchase in our boutique Grande Dunes neighborhood is concern over announcements of rising mortgage rates. Regardless of how efficiently our skilled team manages the build process, there’s no getting around the fact that supply and labor demand has created a challenge of longer build times.

Lending Options Increase To Address Market Challenges

Getting ahead of these challenges, many mortgage lenders are now offering game-changing products to lock in rates now while we build your dream Living Dunes home in Myrtle Beach.

On-site Sales Consultant and REALTOR®, Stacy Davis, caught up with one of our preferred lenders, Trippett Boineau, Jr., Market Leader/Senior Mortgage Loan Officer at Citizens Bank to discuss extended lock programs available to help new construction home buyers.

Essentially there are multiple options provided by our lending partners, designed to help get you to the closing table with ease! Here’s the top takeaways from our conversation with Trippett:

  • Since late 2021, rates have been inching up from around 3.25 to 5.25%, while 2% may not sound significant, this jump occurred over 4 months and is a trend that is expected to continue to climb. This, coupled with extended build times due to labor and supply shortages, have created challenges for those looking to lock in today’s rates while building over the next year.
  • The extended rate lock programs, of which there are three variations, are coming into vogue again now with rates rising rapidly. There are options are up to one year, depending on how many days you need, from 150 to 360. The rates and the fees vary slightly based on the term you need however the great news is that all fees apply toward your closing costs.

Options for Your Unique Buying Profile

  • Conforming Loan – Under $647,200 there is a fee differential and a rate differential based on different lengths of time so you can really lock this in and customize it to fit your build timeframe. The best part is that all fees will be applied to closing costs. So as long as you close the loan you will be ahead at closing. Plus, if rates decrease in the meantime, you can float down to the current rate but have peace of mind knowing you won’t exceed your capped rate.You can also modify this loan to purchase at today’s rate and hold, with this option your fee goes into the rate rather than your closing.
  • Non-Conforming Jumbo Loan – This program is a bit unique, without any extended lock program, there’s a 120-day maximum lock on jumbo, fixed-rate products. Citizens Bank is offering an extended lock program under the ARM program, five, seven, and 10-year ARMs, under the extended lock program. And those rates and fees are like the conforming.

In short, the process is easy, our team will help find the perfect lot and home plan for you while our lending partners will determine financing options that are tailored to your unique buying situation.

Get started now with a virtual tour of our community, preview available lots for sale or simply contact us today for more information!

*Note: All rates and options are accurate and available at the time of publishing and are subject to change without notice. Living Dunes is not a mortgage lender and will refer you to lending partners for more information regarding funding your new home build. Trippett Boineau, Jr., Market Leader/Senior Mortgage Loan Officer of Citizens Bank, Licensed in ALL states – NMLS 414566, click here to apply online or contact Trippett directly



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Living Dunes is a Living Beach LLC development. Construction and real estate sales are managed by CRG Homes.