Custom Home Builder Brunswick County NC

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How can I get a home loan?

 

When applying for a home loan, one of the most pressing questions you’ll have is ‘how much can I borrow’? Once you have applied for a home loan, the banks and lenders will assess your circumstances against a number of criteria to determine the answer to this question.

While each bank or lender may be different, many will consider similar factors and information that will be used in determining the final figure that you can borrow. Here we take a look at some of these deciding factors, how you can prepare for them, and also what could influence banks or lenders.

Size of your deposit

It’s a given that having a good amount of money behind you is vital if you wish to borrow a large amount. Put simply, the bigger the deposit, the more you stand to receive.

If you are prepared to make a reasonably sized deposit, it is well implied that you have a healthy income coming in. Bear in mind that even if you do have an especially high income and a good credit score, you may be limited if you do not have a reasonable deposit in place.

Employment Status and Income

Your employment status can also play a crucial role in determining how much you may be able to borrow. From a bank’s perspective, an individual who is self-employed, for example, may be perceived to carry more risk as sick days and time off must be accounted for.  Shift workers are also assessed differently by banks and lenders as overtime can be a factor in determining the income of an individual.

Whilst it isn’t necessarily about how much you earn, your employment status may determine how much you can borrow, meaning a steady income is often more favourable.

Type of Loan

The amount you can borrow will also depend on the interest rate and term of your home loan. Put simply, the lower the interest rate, the lower your repayments will be. If you have a longer-term loan, this will mean lower repayments. However, a shorter-term loan may see you saving on interest.

money-pot

Your Living Expenses

The banks or lenders will also factor in your living expenses and the costs that go into maintaining your lifestyle. The reason they will look into this, is to find out whether you can still maintain it after making your repayments.

If you have applied for a hefty home loan amount, you may need to make slight adjustments to your lifestyle in order to meet your financial commitment.

Meeting these Factors

If you can prove that you are truly reliable, someone who can meet financial obligations within a time frame, you will be well on your way to borrowing a high amount. The biggest downfall you could likely face is if late payments are mentioned in your credit history. This will very likely work strongly against your case.

If you believe you’re worthy of a substantial home loan, but want more information regarding the banks or lenders’ decision-making process, then be sure to contact our industry experts on 843-399-4299. You can also book a call online.

 

About Carrell Group:

Carrell Group is the leading Myrtle Beach Custom Home Builder dedicated to residential custom homes and land development. As an custom home builder, Carrell Group helps new home owners identify and compare new home designs, house and land packages and land estates. It’s the smart way home buyers, who are considering a new build, can find the ideal options to match their individual needs. Home building is a big decision, we make sure you get it right.

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Should You Build a New Home in Brunswick County, North Carolina?

Should You Build a New Home in Brunswick County, North Carolina?

When you start looking to build a new home , there is one vital decision every buyer must face – whether to build a new home from scratch, or purchase a house and land package. While there any many differences between the two options, there are just as many similarities in that both methods will provide you with financial gain.

Before you make any commitments, allow us to weigh up 5 key differences that will more than contribute to your decision-making.

Budget

No matter the case, it is wise to always work toward and consider your own budget. House and Land packages are ideal for these looking to map things out and manage their budget almost to the dollar. If you have a set total in mind, and don’t wish to go over too much, perhaps purchasing a House and Land package is the way to go. There will also be no additional or “hidden” costs to be concerned about.

Building your new home from with a custom or volume builder, although generally more expensive and including extra costs, means that you can choose extras and upgrades that you are interested in and can personalise the home.

Budgeting yourself may invite stress. It is a smart idea to acquire experts and industry professionals to help you simplify things.

Construction Period

Understanding what goes on during the construction phase, when it will happen, and how, is one of the key ways of eliminating new homeowner stress.

custom home build in Brunswick County will need 6-12 months approximately, with a set of preliminary and post-sequences that take place at various stages. The following timeline will help set the stage and keep you up to date with any progressions, and what’s required during the construction process.

In the case of a House and Land Package, there will be a fixed construction period in which everything will be factored in. Here, the participating builders will commit to completing the build within a specified time – again, eliminating a lot of the unnecessary anxieties which comes with being a homeowner. There will be fewer to no surprises, and there won’t be any delay about moving into your new home.

Other factors you need to consider are weather and factors that are outside control of the builder.

Upgrades & Customizations

A main concern and something to weigh up, is whether or not you want to pay for additional upgrades on your house and land package. While these packages include a quality home, if you entertain the idea of adding an extra feature or extending a part of a room, or adjusting home characteristics, chances are you will be paying an extra few thousand dollars.

The main difference here is that with building a home, there is a greater element of control. You will be able to alter certain elements, without having to keep to an inflexible plan. If you are prone to changing your mind or making adjustments as construction develops – it is important to make these considerations.

Incentives, Grants and Other Support

While there is no preferable or “better” option between the two, it is well worth investigating into the various incentives and grants set up by governments and councils around the country.

If you’re unsure of these, check your state, council or government’s website to see what you will be entitled. Whether its reduction on stamp duty or new home grant, there’s a definite return on investment to be made.

If you are wanting further information on decision-making processes involving building an off-the-plan home, or house and land packages or house designs be sure you speak with one of our home building experts on 843-399-4299.

Custom Home Builder Brunswick County NC