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.

• Nysba.com
• Nahb.com
• Buildersonline.com
• Buildingonline.com
• Homebuildingresource.com
• Homebuilder.com

 

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