Wells Fargo: Let’s Get Ready to Build in 2023
The 2023 NAHB International Builders’ Show in Las Vegas was one of the best industry trade shows we’ve ever attended! We hope you enjoyed it as much as we did and are excited to be home and get back to work. The show set records – nearly 70,000 residential construction professionals attended the IBS portion of the event.
If we had the opportunity to connect, it was great to see you! If we didn’t get a chance to, we look forward to seeing you at the spring meetings. If you are not familiar with the Builder products available from Wells Fargo, we’ll be glad to provide you details. In fact, our extended rate locks offer borrowers the ultimate benefit: Long-term rate-lock protection against rising interest rates. All locks greater than or equal to 90 days are considered extended rate locks, with a required, non-refundable Builder Spec Lock fee 1.
The brand name Builder Best® refers to extended rate locks on new construction properties that have never been occupied. Builder Best new construction extended rate locks include a one-time float-down option to current market rates, so if overall interest rates go up during the construction process, the borrower remains protected. With a required, non-refundable extended rate lock fee met, if interest rates decline, the borrower may choose to exercise a one-time float-down option to obtain new pricing on the loan or switch to another available product2. Please ask for details if needed, restrictions may apply.
If there’s something you’d like to hear from us, please reach out to Kelly Zuccarelli before your 20 Club meeting so we can connect with you! We look forward to working with you in 2023 – here’s to more wins in the new year.
- The loan must close within the remaining term of the lock-in period. If rates have improved, the homebuyer can take advantage of current rates by registering a new lock. Restrictions apply.
- Change of loan product or program, change in loan-to-value ratio, or change of interest rate will require underwriting approval. Exercising the one-time float-down option is not allowed within 30 days of the original lock. The float-down option is available within the earlier of 60 days of loan closing or lock expiration date. The float-down option allows a change to any lender product or program or re-lock to the current available interest rate.
This information is for real estate and builder professionals only and is not intended for distribution to consumers.
Wells Fargo Home Mortgage, 2701 Wells Fargo Way, Minneapolis, MN 55467-8000
Information is accurate as of the date of printing and is subject to change without notice.
Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A.
© 2023 Wells Fargo Bank, N.A. NMLSR ID 399801
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AP5706379 2/12/23 REV 2/23
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