On a new build, you do not control the closing date. Your builder does. When that date moves, a rate you locked months earlier can move with it. One Ottawa buyer went through exactly that, and this is how it played out.
CLIENT STORY AT A GLANCE
| Client | Ottawa new-build buyer |
| Situation | Builder delayed the closing, and the original mortgage rate was lost |
| What we did | Went back to the lenders and secured a new rate |
| In their words | “an even better rate” |
The situation
The buyer had an approved mortgage and a rate in place. Then the builder unexpectedly pushed back the closing date, and the original rate was no longer available.
What we did
Rather than accept whatever the market offered on the new date, our team went back to the lenders. According to the client, the result was a better rate than the original, and the purchase closed smoothly.
“when my builder unexpectedly delayed the closing and I lost the original rate, Sean and his team went back to work and somehow managed to secure me an even better rate!”
— Ottawa new-home buyer, 5-star Google review
“We have now officially closed on our new home, and everything went smoothly from start to finish.”
— Ottawa new-home buyer, 5-star Google review
To be clear, this is one client's experience. When a rate hold expires, the new rate can be higher or lower, depending on the market.
What to ask about rate holds on a new build
- When does my rate hold end? Holds commonly run 90 to 120 days, and some lenders offer 120 to 130 days for new construction. Your closing can still land after the hold ends. See how a rate hold works.
- What is the earliest and latest closing date? New-build agreements often give the builder a window. Compare that window to your hold.
- Can the hold be extended? Some lenders may extend it, sometimes with conditions or a fee. Ask before you need it.
- Who will re-shop if it expires? Having an agent who can go back to the full market is the safety net.
Building rather than buying a finished home? See our construction financing page, and review closing costs so a delay does not catch your budget off guard.
Common Questions
What happens to my mortgage rate if my builder delays closing?
If your rate hold expires before the new closing date, you may lose the rate. The replacement rate could be higher or lower. Ask your agent early whether an extension is possible and how a re-shop would work.
How long does a mortgage rate hold last?
Hold periods run from about 30 to 130 days depending on the lender, and longer holds of 120 to 130 days are sometimes offered for new construction. On a new build, the closing date can still land after the hold ends.
Can I extend a rate hold?
Sometimes. Some lenders allow extensions, occasionally with conditions or a fee. It is much easier to ask before the hold runs out.
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About this story: This story is based on a verified 5-star Google review from a TopRankin client. Names and identifying details are left out to protect client privacy. Every mortgage is different, so your rate, approval and timeline will depend on your own file.