The Importance of the Right Lender
A good lender is an important partner when buying a home, but even more so with new construction. The construction process can be long and tedious, so having a knowledgeable lender is key.
New construction is a very different process than buying traditionally, even though the end goal is the same. New construction timelines change on a regular basis and can be affected by anything from the weather to delayed shipments. The last thing redT wants is more fees that get added in a buyers home buying process.
With interest rates constantly changing, the most complicated aspect to navigate is when to lock your loan. With the variability in new construction timelines, understanding when to lock your rate with a lender is extremely important. Ask if there are extended lock rates, ask. If there are grace periods after a lock rate expires, ask. Thinking ahead of these questions can ensure that your rate does not go up in the chance of delayed construction.
Other important factors when choosing a lender include how well versed they are in new parcel numbers from the city, best practices on how to determine the estimated tax rate, and if they can close with a TCO (Temporary Certificate of Occupancy).
For most of us, these topics are not the first things we think of when purchasing a new home but a good lender helps to navigate the waters smoothly.
Not only can our lending partners help with all of the above, but they also offer a substantial credit to any buyer buying a home listed by redT. Having the right lender can alleviate frustration and uncertainty when moving towards the closing table and overall make the process more enjoyable.