You have finally decided that it’s time to find a new home build contractor in Brick, NJ and get started on your dream home. However, before you head out the door to hire someone, you need to think about financing your new home construction. The first thing you need to realize is that your new home construction loan is most of the time not going to be the same as your mortgage. With that in mind, read on below for a few of the top tips to keep in mind when financing your new home construction.
Have Your Finances in Order Before You Begin
Qualifying for a new home construction loan is more than just hiring a new home construction contractor in Brick, NJ and hoping for the best. You need your paperwork to be in order and have patience and faith that the loan will be approved and construction can begin. A couple of the things you will need to have in order to be approved are listed below.
*A minimum of a 20 percent down payment in hand
*A credit score of 700 or higher
It is extremely important that you know your credit score before you apply for a new home construction loan. Check your credit score, save to get your down payment and work hard to fix anything that is driving your credit score down before you head out to secure a loan.
Buy Your Land First
You will have a much easier time getting a construction loan to build your dream home, if you have the land to help secure that loan first. Take your time and find the land that will work for you and the lender.
These are just a few tips for getting financial approval for your new home construction loan. For more information and to get your quote today, contact the professionals at DENJ Residential Construction for help.
