Ours was 16 months, and when delays hit, they just shrugged—said we’d need to refinance if we ran over.
- Definitely seeing the same thing. Most lenders I’ve dealt with set the term at 12-18 months, and once it’s locked in, that’s it.
- Extensions are rare and usually come with extra fees or higher rates. Not much room for negotiation after the fact.
- Some banks will let you request an extension in writing, but it’s not guaranteed. Had to jump through hoops once just to get a 3-month bump.
- I’d say planning for 20% longer than you think you’ll need is smart, just in case weather or permits slow things down.
- Honestly, wish they’d be more flexible given how common delays are... but yeah, seems pretty standard these days.
Extensions are rare and usually come with extra fees or higher rates. Not much room for negotiation after the fact.
That’s been my experience too, unfortunately. We thought we’d have a buffer, but nope—ran right up against the deadline and had to scramble for an extension (and pay for it, of course). Kinda wild how rigid they are when everyone knows construction delays are almost a given. If I ever do this again, I’m tacking on a few extra months just for sanity’s sake.
