Written by First Colony Mortgage
Are you looking to build a new home? Building a home gives you many options over buying an existing one. You get to choose things like: floor plans, interior fixtures, paint colors, neighborhood locations, lot size. Those are a lot of choices to worry about. But what about financing? There are a lot of choices available when it comes to getting a home loan. Is it best to work with the builder’s preferred lender? Yes! But why?
The builder and the preferred lender they work with are a team. They work together on your behalf to not only build your beautiful home, but to make sure all financing is in order when it comes time to close. The preferred lender is “plugged” in to the builder’s systems like milestone dates, like construction schedules. They have access to important things like contracts, builder packets, upgrades and prices of the homes, deposit checks, and more. The lenders also work with home appraisers, and these appraisers are familiar with the builder and the projects so things move quicker. These items allow the lender to be right on top of things and give the ability to work more efficiently and quickly through the loan, because they aren’t trying to find out dates, obtain paperwork, etc.
Builders choose preferred lenders very carefully. They want to work with a lender that is an expert in new construction and knows the timelines and everything expected during the building process. First Colony Mortgage, the preferred lender of Edge Homes, is a new construction specialist. They help buyers pre-qualify to know what they can afford, so when they look at floor plans and upgrades they will already know what they can do. They work closely with Edge, and you they buyer, to ensure your loan will close. They have in-house loan processing and underwriting to speed up the loan time and making financing decisions right there. Buying a home is a big financial decision, and with a preferred lender you can have peace of mind.
Buyers that use the builder’s preferred lender may often receive an incentive from the lender. Items that some lenders may offer are things like: upgraded flooring, granite countertops, upgraded appliances, lender credits towards closing costs, and more. These incentives may vary by the individual lender, but it’s something to ask the builder about when you visit a model home, or ask who the preferred lender is and contact them directly.
Builders and their preferred lenders have one goal in mind, to create happy home buyers. You have many options to consider when building and financing a home. Remember, there is a team working on your behalf.
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