Questions to Ask Your Mortgage Banker Before you Build Your Custom Home.
Before You Build, Get the Facts
When it comes to getting exactly what you want, nothing comes close to having your dream home custom built to suit your wants, personal style and needs, but before you break the ground, there are some things you need to know. When you build a home, you are in charge. You have complete control over the location, the size, the architecture and the little details that will create the exact look and feel of your new home.
In addition, you can build in energy-efficient features and other state-of-the-art benefits that might be difficult to find when trying to buy a home. The monthly savings on heating and cooling costs can be quite substantial. All of these things make building an attractive option. There are some considerations though and you need to do your homework. First, find the right lender.
Once you have a lender lined up though, you need to become an informed consumer and ask the right questions. Even if talking about finance make your eyes glaze over, you owe it yourself to find exactly what you are signing on the dotted line for. Asking questions up front can prevent problems down the road.
Don’t Be Rushed
Don’t let anyone rush you. Make sure to really talk to your lender. Ask how the funds will be dispersed during the construction. Do you need private mortgage insurance? If so, how much? How long are the rates you are quoting today good for? Will you be locked into a set rate or will there be a chance to adjust the rate later? How will the funds be dispersed? Do you have to leave funds in the bank for a certain amount of time?
How will interest accrue? What will the closing costs be? Additionally, make sure that you will have what you need (plus some) to cover unforeseen expenses. The last thing you need is to set things in motion and not be able to finish.
Find Your Custom Home Builder
After you have done your due diligence and asked the lender all the pertinent questions, there is one more thing to keep in mind. Make absolutely sure that you have a custom home builder that has earned a reputation for honesty, integrity and completing the job on budget and on time.
At Preston Homes of Texas, this isn’t our first rodeo. We know the ins and outs of creating a home that truly reflects your lifestyle, and that makes a tasteful statement about who you are. Let us show you how easy it is to have the home of your dreams.