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What You Need to Know About Financing a New Home

April 10, 2018

It's as Easy as 1, 2, 3! Buying a new home is exciting, but at McGuinn Homes, we find that homebuyers have as many questions about the mortgage process as they do about home building. To make it easier on you, here’s what you need to know about financing a new home. The first step is to secure pre-approval from a mortgage lender. Once you know how much of a mortgage you are pre-qualified to obtain, you can shop for a new home with confidence. A pre-approval can be done easily over the phone with a qualified lender. You’ll need to provide some basic information, including your annual income, proof of employment, bank statements, and your two most recent tax returns. The lender will check your credit report as well. Your credit score will not only make the difference in your loan approval but also the interest rate. A higher credit rating often earns a lower mortgage rate. While you’re talking with the lender, discuss the different mortgage programs available. McGuinn Homes rely on the mortgage experts at Southern First. The Southern First team will give you in-depth insight into the mortgage process and programs, so you can choose the one that best suits your financial situation. Finding the right loan can actually save you thousands of dollars, so it’s essential to invest some time in understanding your options. One of the benefits of working with a builder’s preferred lender is their familiarity with the construction process and how it impacts the financing. A skilled lender ensures that your closing documents are in order and ready so that your closing happens on time. Once you’ve chosen your homesite and floor plan, we’ll finalize all the details and determine the purchase price. Then you provide a deposit and apply for the mortgage you’ll need. The pre-approval is a pre-qualifying step, not an actual mortgage application review. You might need to submit additional financial information and documentation for the underwriters. A good mortgage professional will guide you through the process, answer your questions, and keep you updated. That’s another reason McGuinn Homes recommends Southern First. Our customers have been so happy with the assistance and communication they’ve received from these mortgage professionals. A few weeks before the scheduled closing on your new home, your lender will give you a detailed list of the funds you’ll need to bring to closing. These fees vary, depending on the property you’re buying, where it’s located, and the lender and services. For example, your closing costs might include the fee for home inspection, survey, appraisal, attorney, title search, and transfer taxes. Closing typically takes an hour or two. You’ll sign the documents, receive the keys to your new home, and start your new life as a homeowner. If that journey brings you to South Carolina, check out McGuinn Homes’ energy-efficient new home communities throughout the Columbia region. As a custom home builder, we’ll also build on your lot, handling every detail, including permitting and site preparation. For an enjoyable home buying experience, talk to McGuinn Homes.

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We're local and have built more than 4,500 homes right here in the midlands since 1985.