Part 2: Get Preapproved for a Construction Loan
Like any other home purchasing process, WI new construction begins at the bank with getting pre-approved. Let me explain why this is so important: There was a day when getting a mortgage was the least worrisome part of WI new construction. But, as credit tightened and the bar for approval was raised by several notches, today, getting financing for WI new construction is not the virtual “shoe-in” it used to be. However; if you have a good credit score, a job, a down-payment and the means to repay your loan, then you still have an excellent chance of being preapproved. The only question will be: how much can you borrow for your WI new construction project?
How Much with the Bank Lend You?
The preapproval process will give you a very good idea of how much money a bank will be prepared to lend you for a WI new construction project given your particulars. Remember, your preapproval doesn’t necessarily tie you to the bank that gave you the preapproval — but nor does it guarantee you will actually get the loan… even from the bank that gave you the preapproval. What it really does is flag any glaring problem areas and it provides both you and the seller with some comfort that everything else being equal, you are most likely going to get your financing.
Morale of the story: whether you are considering WI new construction or purchasing one of the existing WI Homes, get pre-approved and avoid potential disappointments and surprises down the line.
Nelson & Associates is your New Construction Buyer’s Agent Specialist.
As a Certified Residential Specialist and Accredited Buyer Representative with years of experience helping clients purchase WI new construction, I would be very happy to work with you on your WI new construction project. Give me a call today, and we can get started right away.