Archive for 'New Construction'
What are the differences with regard to home loans when it is used to purchase a newly constructed home or a resale home?
Home loans made on newly constructed homes differ from home loans made on resale homes in a variety of ways. These include:
→ Closing costs- Closing costs for a newly constructed home are often slightly higher than for a comparably priced resale home. This is because often times newly constructed homes will have additional title [...]
Posted: October 27th, 2008 under New Construction.
Tags: differences with resale loans, New Construction, preferred lender, resale vs. new construction
Comments: none
Why do some builders require mandatory application with the preferred lender?
It is very common for builders to require that a home buyer complete a mandatory application with their preferred lender as a part of the home buying process. Builders require this step so that they can be confident that buyers are being pre-approved by a reliable lender.
Any builder who has been around a while [...]
Posted: October 27th, 2008 under New Construction.
Tags: builders, homebuilders, mandatory application, New Construction, preferred lender
Comments: none
Why should I use the preferred lender when buying a newly constructed home?
Often times the builder or seller will offer incentives for using their preferred lender in exchange for the assurance that the mortgage process will be completed in a professional and reliable manner.
These incentives can be both monetary and non-monetary. Monetary incentives can include a credit towards closing costs, a credit for free upgrades, an [...]
Posted: October 27th, 2008 under New Construction.
Tags: builder, incentives, monetary incentives, non-monetary incentives, preferred lender, using preferred lender
Comments: none