If you’re new to the home buying process, it may feel daunting to find a mortgage company to help finance your purchase. Whether or not you’ve done your research on the lending process, one of the benefits of working with a home builder is their relationship with mortgage companies. This relationship is referred to as working with a preferred lender, and it’s basically a partnership between a home builder and a bank, credit union, or an online lender.
While you’re not required to work with our preferred lenders, this partnership does offer you several benefits may including:
- Immediate financing options mean quicker closing
- Financial advantages such as assistance with closing costs and design upgrades
- Homebuyers have a higher chance of approval for all types of credit profiles
- Flexible Timing: preferred lenders can often offer a longer rate-lock period to help account for any building delays
Benefits aside, it’s important to note that while a homebuilder can require the buyer to be preapproved with one of their preferred lenders, it’s ultimately your choice when it comes to closing on the home with one of those lenders. So it’s important for homebuyers to do their homework and explore all options before deciding how they’re going to finance the purchase of their new home.
Should I Use HBFA’s Preferred Lenders?
As we mentioned before, there are a lot of benefits to working with our preferred lenders, this often includes incentives. Like us, the goal of our preferred lenders is to help you find a way to purchase your new home in the community of your choosing.
Our preferred lenders include Caliber Home Loans and US Bank, and we’ve provided contact information for the specific home loan officers we recommend reaching out to to be pre-qualified to purchase one of our new homes.
One of the things we recommend to all prospective homebuyers is to become part of our VIP Priority List. This is our way of making the home buying process as smooth as possible and allows us to verify that you’re ready to move forward with purchasing a home when it’s your turn for selection.
This involves a simple 4 step process:
- The Concierge Call: One of our team members will call you to discuss floor plans and community needs, as well as answer any questions you may have about our homes.
- The Preferred Lender Call: This step can either be done with a quick 10-minute call with one of our preferred lenders or a simple online form.
- The Confirmation Letter: You’re now on the list! Once you’ve completed steps 1 and 2, you’ll receive a confirmation letter from one of our sales consultants. The date of this letter will determine your spot on the list.
- The Viewing Appointment: Now the real fun begins! One of our sales consultants will reach out to schedule a private viewing appointment to reserve a home!
Even if you’ve already been pre-qualified by another lender, we still ask you to go through the process with one of our preferred lenders. This doesn’t stop you from using a different lender for contract and closing, but simply secures your place on the VIP Priority List. Luckily you don’t have to worry about your credit score being ‘dinged’ by multiple credit checks – the credit system allows for competitive lender bids over a 60-day period.
Ready to be Pre-Qualified?
When it comes to purchasing your new home in one of our communities, we want to make the process as smooth and simple as possible – for you and us! Whether you’re interested in one of our HayView condos or one of our HayPark townhomes – both in the heart of Hayward, CA – we’re here to help you every step of the way. Ready to get started?