My husband and I recently signed a new construction contract along with another contract to purchase vacant land in a housing development that the house is to be built on. We are in the process of applying for the new construction mortgage and we have not yet been approved. Since signing the contracts, we recently saw the first completed home in the development. We are not happy with the quality of the work by our builder and we don't want to proceed with him. We would like to build the house with another builder in another development. The land is still vacant and construction of the house is to begin after we obtain our mortgage. In the contract for purchasing the vacant land, it's stated that the sale is contingent upon the buyer obtaining financing. As I stated above, we have only applied for the mortagage and have not closed on it. I'd appreciate any input on this matter.

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It seems that interest rates are much lower for refinancing existing loans, as opposed to new loans. I have a construction loan which doesn't expire for a few months, would it be better to refinance the construction loan to a permanent mortgage or do a construction to permanent conversion loan? Which will get me a lower interest rate?

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