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. With interest rates constantly changing, the most complicated aspect to navigate is when to lock your loan. New construction timelines change on a regular basis and can be effected by anything from the weather to delayed shipments. Before committing to a lender, make sure to ask whether they have extended rate locks, as well as what happens if your rate lock expires and you are in need of a grace period. This will ensure 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. 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, 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.