October 25, 2022

Essex Homes of WNY is excited to announce a new extended rate lock program of up to 360-days with an optional one-time float down adjustment through one of their preferred lenders!  The announcement was made by Philip J. Nanula, President & CEO of Essex Homes.

“With how unpredictable mortgage rates have been this year, our team is very excited to be able to offer our customers such a great peace of mind financing opportunity,” says Greg Nanula, Vice President of Sales & Marketing at Essex Homes.  “This loan option is a phenomenal solution because it not only allows our customers to lock into today’s mortgage rate, it also provides them the option to adjust their rate down if mortgage rates drop.  It’s really the best of both worlds and alleviates any concern of rates going up while your new home is being built,” Nanula explains.

When a lender offers an extended rate lock program, they almost always require a fee to hold the rate for that long.  “Another great feature with this program is that the required 1% lock-in fee is returned at closing so there is no additional cost to the customer in the end,” says Nanula.  “Also, should market conditions change, customers have the ability to adjust their interest rate down one-time within 30 days of closing.  There is a cost do take advantage of that component, the lender would retain .25% from the lock-in fee, however they can illustrate the potential savings over the life of the loan for customers interested in finding out if that makes the best financial sense for them.”  Impressively, this lender is willing to honor an additional .125% rate reduction to their loyal customers and to new customers who open a checking account.  This exciting new program can be offered to customers looking at Conforming Fixed, Conforming ARMs, Jumbo Fixed, and Jumbo Arm loans as well.

“When a quality new home builder with over 30 years of experience, such as Essex Homes, partners with a customer focused local lender like this, it really provides a powerful solution to customers looking for the opportunity to build their dream home at the best possible rate.  We are thrilled that our customers have the peace of mind in knowing that their financing is secured during the seven to eight months of construction, and that they can enjoy the exciting home building process worry-free,” concludes Nanula.

Essex Homes of WNY has single family home communities available in Clarence, Lancaster, Orchard Park, and Williamsville along with patio home communities available in Amherst, Clarence, Lewiston, and Williamsville.  In additional to build-ready lots in these communities, Essex Homes has an impressive offering of fifteen spec homes that are either move-in ready or under construction and available for purchase now.  Those interested in Essex Homes’ single family home communities can contact Regional Sales Manager, Robert Bingel at (716) 383-0004 and those interested in Essex Homes’ patio home communities can contact Regional Sales Manager, Scott Henderson at (716) 725-7577.

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