As mortgage rates remain relatively low, and with tight inventory on moderately priced homes, now is the time to think about building your dream home.
"We are starting to see signs of more new residential construction and inventory, which increases buying opportunities for the many home shoppers who have been hampered by the ongoing lack of supply," said Joel Kan, Associate Vice President of Economic and Industry Forecasting for the Mortgage Bankers Association in a statement last month.
With that said, it may be a good idea if your planning to build a new home to ensure you have the right builder. Ensuring the builder is good fit for you is essential, as you will be working closely with them throughout the home building process.
Here are few tips and questions to ask when looking for the right builder:
- Look for reviews online or ask the builder for references
- Call them and make sure there is someone answering the phone during normal business hours
- Do your questions get answered in a timely manner?
- Ask the builder how many homes they build per year
- Ask how long the typical build takes them to complete
- Find out how often projects go over budget
- Are reputable, licensed sub-contractors hired?
- Does the builder have the ability to oversee the entire project from start to finish
- Does the builder have experience with government loans and completing the paperwork required
- Has the builder had any projects that didn’t complete? If so, why?
- How many years has the builder been in business?
GSF Mortgage Corporation can help you find the right loan, make sure you are finding the right builder.