Responding to rising interest rates, Conversion Marketing and Management, Inc. is offering buyers an 18-month interest rate lock program at the Edge Lofts and Tower that allows them to secure today’s low mortgage rates while their homes are completed.
“We’ve seen unprecedented lows in mortgage rates the last couple years, but recent reports supporting growth in the economy have caused mortgage rates to begin to rise,” said Neil Stenholt, president of Conversion Marketing and Management. “How far they’ll climb is anyone’s guess. By securing a rate now, buyers can eliminate the worry of escalating interest rates and will likely get more for their money than those who wait.”
The program is offered through Pinnacle Home Mortgage, which allows buyers to lock in an interest rate for 540 days. The interest rate may “float” during this period, but a built-in cap guarantees that the buyer will not pay a mortgage rate greater than the initial rate plus 1 percent. A buyer who locks in a rate of 6.3 percent, for example, would not pay more than 7.3 percent no matter how high rates go.
However, should rates fall, homebuyers can still take advantage of the lower rate while their closing date is more than 30 days away. Once the buyer is within 30 days of closing, the interest rate is permanently locked.
Located at Des Plaines and Adams, the 224-unit Edge features a new 16-story condominium tower that rises from the loft conversion of a five-story mid-rise. Remaining homes, ranging from studios to two-bedroom two-bath layouts, have 575 to 1,365 square feet. Some plans include dens, and each home has a balcony or terrace. Base prices range from the $170s to the $380s, and indoor parking is available for $32,000 per space.
A sales center for the Edge is open on site, at 210 S. Desplaines.