|I would like to reintroduce myself to you. When I spoke to you last, I was employed by MetLife Home Loans. In January of this year, MetLife decided to leave the mortgage lending industry. I, along with 170 other employees in our local region, decided to move over to HomeStreet Bank.
HomeStreet is one of the largest community banks in the Northwest and Hawaii. Opening in 1921, we have stayed focused on what we believe is the most important: building long-term relationships with our customers and providing ongoing support to our communities. We are also one of Pacific Ridge Homes’ preferred lenders.
We offer a full range of financial services including business banking, business lending, consumer banking, mortgage lending, residential construction financing, income property financing and insurance services. Our primary area of community focus is on housing including new construction.
One of the challenges in building a new home is the concern that during the construction period, interest rates will continue to fluctuate. Many folks who have built homes found that at the beginning of the construction rates could be much lower than at the time the home is completed and the interest rate gets locked in. These changes in the rate can increase your mortgage payment by a substantial amount.
HomeStreet recognized this problem and designed a solution. We are one of the very few lenders nationally who will allow you to lock in the interest rate at the beginning of the construction for a term up to 1 year. When the home is within 60 days of completion, you are allowed one opportunity to “float down” to the current interest rate if it is better. This protects you in case rates were to increase and also gives you the benefit of getting the lower rate if they improve. A true win-win for those interested in a newly constructed home!