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#1755506 - 11/06/12 05:03 PM Construction Perm 2 X Close
Patricia Offline
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Joined: Mar 2011
Posts: 327
Kansas
The rate during construction and the rate for the perm loan are the same. The bank does not have a lock-in agreement. So do I use the date the application was received at time of construction, which was 12 months ago. (A new application was not obtained for the perm loan?)

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#1756437 - 11/08/12 05:18 PM Re: Construction Perm 2 X Close Patricia
Patricia Offline
Gold Star
Joined: Mar 2011
Posts: 327
Kansas
bump

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#1756478 - 11/08/12 06:35 PM Re: Construction Perm 2 X Close Patricia
Sheba Offline
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Sheba
Joined: Mar 2002
Posts: 71
Oz
I am assuming that you are looking to document a lock-in date. If you use commitment letters, I would suggest using the date the customer signed the commitment letter and agreed to loan terms. However, if this is a secondary market loan there should be documentation of the lock-in. Hope this helps.

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