Building a Home and Choosing a Lender

Thursday, January 3, 2019

by Cindy Grey

Building a home is a HUGE undertaking and can be quite stressful!

There is more to consider than just what floor plan to choose and what color to paint the walls when you build a new home. You also need to apply for a loan and get pre approved so that the builder realizes you can pay for the house once it is finished.

Choosing the right lender is important if you are getting a loan to finance it!

Most home builders have lenders they will ask you to use in order to get the best deal. Why, you ask, when you have someone who has helped you with loans in the past? Why do builders want you to use someone you might not even know?

Here are 5 good reasons why a builder wants you to use a lender they prefer:

Builders want the peace of mind that comes with knowing that their buyers are in good hands and that the closing and home transfer process will be stress-free.
The builder’s lender is more familiar with the deal which makes for a smoother process. When you buy from a builder and use a lender who is not familiar with the development in which you are buying, there could be delays and confusion regarding closings costs resulting in possible thousands due at closing.
Builders have learned from hard experiences that some lenders really are better to work with than others.
Their preferred lender knows the construction process which is different than buying existing homes.
When using a preferred lender the deal most always closes on time.

KNOWLEDGE IS CONFIDENCE

As an INDEPENDENT LENDING CONSULTANT I can help you compare lenders and the cost sheets they provide BEFORE you choose which one you want to work with throughout this lengthy process!

I want to be your guide and a valuable resource to you!! If you or someone you know is thinking about building a home and needs to get a loan please have them contact me.