What’s more nerve-wracking than meeting with someone to talk about financing? Chances are they are going to start speaking in terms you don’t understand and that just makes everything worse.
To put your worries aside, we reached out to one of our preferred lenders, Lindsey Goins, a Senior Loan Officer with Movement Mortgage to get the inside scoop on everything you need to know for financing your new home. Read her advice below.
You should always talk with a lender before starting your home search.
Getting a pre-qualification entails an in-depth credit review, analyzing what loan programs best suit your financial needs, and reviewing the monthly payments and funds needed to close. The loan officer also gives you buying power or budget so you know what price range you are in when shopping for a new home.
Choosing a lender is very important because their knowledge is your knowledge when it comes to mortgages and mortgage rates. Getting a mortgage is very detailed and a good lender can assist you in the process, not just when shopping for a home, but you also want to examine the process after finding your dream home, how the loan is underwritten and processed is important.
When you build a home with Eastwood, you’ll have the opportunity to work with one of our approved lenders, who we thoroughly trust to take care of you! They know the ins and outs of financing and are trusted partners.
A mortgage lender provides financing or cash to purchase a home. They give you the loan terms, including interest rate, payment, closing costs, prepaid tax and home insurance, term, and type of loan for which you qualify.
The lender is also there to explain the process of getting a mortgage and help you navigate through any issues that may arise when following the underwriting guidelines set by investors. The lender communicates the stages of the process, from approval to appraisal to fulfilling loan conditions and of course the best part – the Clear to Close – when the loan is finally approved.
You can also use our Mortgage Calculator to estimate your mortgage payment based on your down payment, interest rate, and loan term.
Name
Birth date
Social security number
Address
Phone
Employment – income, self-employed, two-year employment history
Type of pay – salary, hourly, bonus, commission, part-time, etc.
Asset info – bank account balances, 401k, stocks, CDs, IRAs.
The preferred lender of a builder is an invaluable resource to a buyer during the building process because the lender knows who to contact for any question that comes up, and we have a direct line to the closing coordinator to help communicate any buyer’s need around closing. The preferred lender saves the buyer so much time by giving the builder what they need when they need it, and the buyer doesn’t have to be a go-between the builder and lender. If using an outside lender, the buyer is much more involved in getting the lender requirements of the builder. You also receive a closing cost incentive if using a preferred lender. The preferred lenders are the best of the best in the market and consistently deliver an on-time closing with excellent customer service.
Visit Eastwood's Financing Building a New Home page to get pre-qualified today!
A pre-qualification is where the loan officer analyzes your credit, income, and assets and tells you "yes" or "no" you can buy a home.
A pre-approval is when all of your information and documents are reviewed by the underwriter, the actual person that can issue a loan approval. The pre-qual can be given without reviewing the documents so it is not as strong as the pre-approval.
Do not change job roles or employers without talking to your loan officer.
Do not have your credit checked for any new debt, loans, credit cards, etc.
Keep your credit card debt paid down – do not max out your credit cards during the home-building process.
Do not co-sign for any debt during the process.
Do not refinance your auto loan, etc.
No cash deposits – do not deposit cash in the bank – contact your loan officer for how to structure a gift before depositing the money in your account.
Pay all your bills on time.
What do you think? Do you feel more comfortable with financing and what is expected of you when you’re ready to buy a home? If you'd like to learn about our easy 10 Step Building Process, click here! It will outline the steps you'll take when purchasing a new Eastwood Home.
Ready to find your dream home? Here are all of Eastwood Homes' locations to get started:
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