Buying A Home
Hmp123
member
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
When can you apply for a mortgage for a house in the process of being built?
There are a few new homes being built that my husband and I are interested in. At what stage of the building can we apply for the loan and what it be a regular mortgage?
Re: When can you apply for a mortgage for a house in the process of being built?
I'd contact your realtor and have them begin negotiations with the agent who represents the builder/development company of the homes. There are two ways you can go about buying a newly built home -
My husband and I are building (completion 7/13) through a local company and we financed the building project ourselves. It saved us money on the project because we were paying the bank the draws the builder needs as he went along - flooring, electrical, etc. Our first 'mortgage payment' was about $80. The second was $300. Of course it will go up upon completion. We discussed this with the builder and with our lender.
The other route is to buy upon completion. You can offer at anytime (generally) on a home under construction. While it's under construction you may even have the opportunity to pick lighting, flooring, countertops too. Of course, if you go outside of the parameters already picked out, it could end up costing more. You'd want to make sure you are not overdoing it and that the house won't appraise.
Good luck with this! Contact me if you have more questions but I'd suggest starting with speaking to a real estate agent about your options, then discuss with the builder(s).