Usually you have a pretty high rate construction or bridge loan that you plan on refinancing into a normal home loan when there’s a house to backstop it.

But you can’t get that backstopped loan until the house exists.

Likely you could pull out and lose a deposit (and a good lawyer might even get that back because of delay) but you’re still without a house.

We are waiting for the contract addendum with final pricing. It may still make financial sense to go through with everything, once we have all that. It’s just annoying that in this situation, our house costs are fixed against a particular point in time, but interest rates continue to rise.

People bitch about crypto all the time but I never hear anything about these contracts with adjustable rate loans. Those should be illegal; they lay people out. With crypto you only lose the money you put in.