There are so many options when it comes to building a new home such as floor plans, home sites, neighborhoods, cabinets, flooring, etc.- the list goes on. But what about financing? Is it best to work with the builder’s preferred lender? If so, why?
They are on your Team
The builder and the preferred lender work together on your behalf to not only build your amazing home, but to make sure all financing is in order when it comes time to close. The preferred lender has access to the builder’s systems to keep up to date with construction dates and schedules. They have access to important items like sales agreements, upgrades, prices of the homes, and deposit checks. The lenders also work with home appraisers who are usually familiar with the builder and their projects allowing things to move quicker. This allows the lender the ability to work more efficiently and quickly through the loan.
They Are Experts
Builders choose preferred lenders very carefully. They want to work with a lender that is an expert in new construction and understands the timelines and what to expect during the building process. That is why Ryan Legacy Builders uses Trish Croker with Presidential Mortgage as our preferred lender. She helps 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. She works closely with Ryan Legacy Builders, and you the homebuyer, to ensure your loan will close. Buying a home is a big financial decision, and with a preferred lender you can have peace of mind.
There is usually an Incentive
Buyers that use the builder’s preferred lender may often receive an incentive from the lender as a contribution towards closing costs or as upgrades towards the home. 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.