Mortgage options for TurnKey Properties in Jacksonville.

[Va Des]

I just gone a property in Jacksonville and was looking for lending options. The property is under construction and will be done by 3rd week of April. One of the lender gave me an attractive rate (3.5) on 90 day rate lock which gives me the rate lock till Mid June. Has anyone done rate locks? Do I need to watch out for something? The only this that I see is a 2k origination charge. This seems higher but seems to factor in 90 day lock.

Most of the articles on google say that I will miss out on lower interest rate if the interest rate goes down. But we are already in lower part of the rate curve. I am thinking it will not go down further. Plus I read a recent news article that investment property rates will be going up from April 1st by 1%. Folks who have gone through rate locks, do you recommend going with it or wait and watch? 

There is a possibility of the house not completing on time, but I thought 90 day gives me enough time. The lender told me that in the worst case, if 90 days is not enough I can let it expire and go with the market rate. I am assuming if this statement is accurate, I dont see much downsides. What do you think?