Lender just upped my rate!!!
Hello everyone. I'm interested in your thoughts, advice, etc. We are in the process of beginning to build our home (Texas) and days before closing on a single close construction loan, the bank (BBVA Compass) changed the rate from 4.39% on a conforming 29 year loan to 4.85%. I had previously told the bank that I would not accept the rate of 4.85 and was soon after approved on a 4.39 rate (cost me a point in prepaid interest).
Is this common practice? Also, what are your thoughts on this type of loan and rate? Thanks!