| BUILDING A NEW
HOME
The very first step in the
home buying process should always be obtaining a mortgage Pre-Approval.
Submitting your purchase offer along with a Pre-Approval could possibly
save you thousands of dollars and give you the negotiating power of a cash
buyer, not to mention peace of mind. Teresa N. Snyder can assist you in
obtaining a Pre-Approval letter in hours, not days or weeks like many
other mortgage companies. Call us to see just how easy it is to be Pre-Approved.
Choosing A Builder
Where do you start? Actually,
there are many sources of information for choosing a reputable homebuilder
in the area that you desire. The real estate section of your local
newspaper is a good starting point to learn which builders are active in
the area you are looking to live and build the type of home you are
interested in. Local Real Estate Agents often times represent Builders and
may be a good source of information as well. An excellent source of
information and a list of reputable homebuilders is your local Home
Builders Association. We have provided several links to web sites offering
information on building a new home.
Financing Options
When your builder is using
his own funds to construct the property and you need an end loan only, you
have literally hundreds of choices in loan programs. However, the rate
lock period needs special consideration. You may elect to pay for an
extended rate lock, from 90 to 210 days, or you may prefer to float your
interest rate until you are within 15 to 60 days of completion and then lock-in
your rate accordingly.
When the builder is not using
his own funds to construct the property, you will probably want to look at
Construction/Permanent financing. Follow this link to learn more details
on this type of financing.
Teresa N. Snyder is great at
dealing with new home construction and she can guide you through a quick
approval process and will continually monitor the process of your new home
to coordinate rate locks, documentation updates & final inspections.
She can even help you choose your floor plan if you want her too.
Also just a quick note -
If you are thinking about buying a new home
or having one built - you should prepare yourself for spending another
$20,000 - $200,000 after you close.
New homes come with very little, not even
towel bars, let alone landscaping & draperies or blinds. And what about
decorating and furnishing those extra rooms?
Our suggestion - Put less down. The house
will appreciate more after you finish it and then you can refinance at the
new value. The real solution - email us before you buy and we will help you
make the right choices. Email
us today
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