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We signed up in 2021 (summer) to have our home built with the guarantee of a 365 day price lock finance product once we broke ground to ease our mind about rising interest rates. Well, November came around and we broke ground and went to lock in our rates.
They informed us we want to wait until you are fully framed before we offer a rate lock now. So now that we have already signed all the papers and designed our house we are told they changed their terms and decided to wait until basically under 150 days to finish to offer any rate locks. During this time the interest rates have sky rocketed (exactly what most people expected since last year) from 3% up to 3.9% and expected to get into the mid 4%. Our monthly payment just went up by $200-$250 over time that is 10s of thousands of dollars that just cost us.
We are tempted to get our legal team involved if they cannot resolve. This is absurd that a company would do this and expect any praise for their processes or ethics. Terrible company.
STAY AWAY. I will never work with them again.
User's recommendation: STAY AWAY.
Monetary Loss: $25000.
Preferred solution: Price reduction.
Location: Denver, Colorado
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