Question Details

Mrs. Ellis, Home Buyer in Pearland, TX

What's the suggested time to start shopping for a home loan w/a new constuction?

Asked by Mrs. Ellis, Pearland, TX Fri Jul 6, 2007

My home should be completed by mid October?

Help the community by answering this question:


Get prequalified now. That gives you a chance to improve your credit or remove any negatives if you need to. It will also give you an idea about down payments, closing costs, monthly payments, etc. You can also ckeck the availability of interest rate locks. Some banks may offer 120 day, 90 day, etc. You might want to know this up front, so you can lock the rate at the appropriate time. About 60 days out you might compare lenders and get the Good Faith Estimates from them and choose the final lender 30-60 days out. Let me know if you need a referral to a great lender.
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0 votes Thank Flag Link Tue Jul 10, 2007
Bruce Lynn, Real Estate Pro in Coppell, TX
You're basically 90 days away from closing. I'd say now would be a great time to firm up who you plan to use for your home financing needs. What does you contract with the builder state your obligations are relevant to the financing contingency and showing proof of ability to obtain financing?

Depending upon who you select, you may not be able to lock into a set interest rate (I presume that you are seeking a fixed rate) until 30 to 60 days from closing. In some cases, you can pay a flat fee to the lender to extend the rate lock, if you are concerned that rates may creep up between now and mid-October.

Warm regards. - Ted Shoop
0 votes Thank Flag Link Fri Jul 6, 2007
Vicki Masell…, Real Estate Pro in Duluth, GA
You should talk to a mortgage person before you talk to the builder so you know what you can afford. The builder will give you incentives to use their finance people, you are then in a position to make a comparison. Only let one person run your credit though
0 votes Thank Flag Link Fri Jul 6, 2007
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