When building a home, the right financing can be as important as the floor plan or location. Maybe more so, making it all the more important to partner with a trusted local lender. Here’s why.

Knowledge of the Local Market

With an in-depth understanding of zoning laws, permit requirements, the unique aspects of neighborhoods, and more, a local lender with experience approving construction loans can be invaluable. You’ll need to align with local regulations throughout the process; it’s best if that’s in the hands of a local who has been through the process many times before.

Access to a Trusted Team

How much do you know about local contractors and builders? Their reputations? The quality of their work? A local lender who specializes in construction financing will know. While a non-local lender might agree to hire the lowest bidders, a local lender will bring on-the-ground insights to vetting and the entire decision-making process.

A Streamlined Process

Your lender isn’t just doing financial paperwork; during the approval process, the lender will need to see an array of documentation. This can include building plans, specifications, blueprints, and even the builder’s financial information. You’re going to need open lines of communication and immediate access to your lender, making it a lot easier if you’re dealing with someone who is local.

The streamlined approach extends to loan approval. With a national lender, you might get bogged down by their internal bureaucracy and outsourced underwriting guidelines. Local lenders, on the other hand, handle most of the process in-house. That makes loan approval a one-stop, hassle-free experience.

How a One-Time Close Construction Loan Works

With a traditional construction loan, there are two separate closings: one for the construction loan and one for the permanent loan. The borrower pays two sets of closing costs. With a One-Time Close Construction loan, however, the construction and permanent loans are part of a single mortgage with one set of closing costs. Plus, unlike traditional construction loans, borrowers can lock in a long-term interest rate at construction’s onset.

A Specialist in Construction Loans

Not all lenders make construction loans. Not all those who do have the same level of understanding. When you team up with the Decker Group to build your dream home, you’re partnering with a lender who has a proven track record in this specialty area.

If you’re thinking of building a new home, we’ve got lots to talk about. To speak with a member of the Decker Group, call us at (972) 591-3097 or connect with us online.