Posts by: eddie

Gifts for The First-Time Homebuyer

• Tool Kit
• Dishware Set
• Charcuterie Gift Set & Accessories
• New Home Ornament

Gifts for The Homeowner With Kids

• Outlet Covers
• Baby Gates
• Movie Night Popcorn Set
• Family game Night

Gifts for The Empty Nesters

• Digital Picture Frame
• Super-Plush Robe
• Magnifying Makeup Mirror
• Bierfilzl Felt Coasters

Gifts for the Home Cook

• American Hard Maple Cutting Board
• Food Huggers Reusable Silicone Food Savers
• Instant Pot Duo Multi-Cooker
• Quince Ceramic Nonstick 7pc Cookware Set

Gifts for the Backyard BBQ Enthusiast

• Quince 4-Piece Stainless Steel Grill Tool Set
• Kabob Grilling Baskets
• ThermoPro Smart Bluetooth Meat Thermometer w/ Dual Probe

Gifts for the Home Gardener

• Smart Bird Feeder
• Bonsai Starter Kit
• Solar Garden Statue
• Hydroponics Home Garden
• Gardener’s Tool Seat

Gifts for the Pet-Loving Homeowner

• Stoneware Pet Food Bowl
• Machine Washable Pet Bowl Mat
• Sofa Pet Bed
• Dog Treat Dispenser 

Gifts for the Hobbyist Homeowner

• Orchid House Plant Lego Set
• Puzzle Board
• Mini Drone
• Home Pottery Kit

Gifts for Your Work From Home Friend

• Keyboard Cleaning Kit
• NES Coasters
• Under Desk Walking Pad
• Rifle Paper Co. Notepad Set

Did you know you can use gift funds toward a down payment?

With an FHA loan, you can use gift funds to cover all or some of your down payment, closing costs or financial reserves.

So if you’re looking to pursue homeownership, why not put gift funds on your wish list this year? Read on to find out who can give, requirements and needed documentation.

What Are Gift Funds?

Gift funds are monies that are given to a borrower to go toward a primary or secondary home purchase. The funds can be put toward all or some of the down payment, closing costs or financial reserves.

Note: Gifts are not allowed on investment properties.

Who Can Give the Funds?

A Relative

Fannie Mae defines a relative as a spouse, child or other dependent or by anyone related to the borrower by blood, marriage, adoption or legal guardianship.

A Non-Relative

Note: The donor can’t have an affiliation with the builder, developer, real estate agent or interested party.

Gift Fund Requirements

Minimum Borrower Contribution

For most purchases, a borrower doesn’t need to contribute a minimum amount of money and all funds needed for the transaction can come from a gift.

For borrowers who have a loan-to-value of over 80% and are purchasing a two- to four-unit primary home or a second home, the borrower must contribute 5% of their own funds before using gift funds, according to Fannie Mae guidelines.

Needed Documentation

• The actual or maximum dollar amount of the gift
• A statement by the donor that they don’t expect to be repaid
• The donor’s name, address, phone number and relationship to the borrower

Verifying the Gift Funds

• A copy of the donor’s check and borrower’s deposit slip
• A copy of the donor’s withdrawal slip and borrower’s deposit slip
• Proof of the electronic transfer of funds from the donor’s account to the borrower’s account or to the closing agent
• A copy of the donor’s check to the closing agent
• A settlement statement showing receipt of the donor’s check

Your Home Purchase Starts Here

If a home of your own is on your wish list, we can help!

Our talented and knowledgeable Loan Officers will walk with you through all the needed documentation and steps, starting with preapproval so that you know how much you can afford when house hunting.

Get preapproved here to start your homebuying journey.

Are you eager to own a home, but hesitant about the maintenance that it might require or even the price? Thankfully, today’s homebuyers have a variety of property types to choose from, including condominiums, that offer unique advantages.

Curious if a condominium might be a good fit for you? Read on to find out the pros and cons of purchasing a condo and if it’s the right option for your lifestyle.

First, What Is a Condo?

Pros of Buying a Condo

More Affordable

Less Maintenance

Amenities

Community

Cons of Buying a Condo

Less Privacy

Condo Association Rules and Fees

Less Space

The Bottom Line

Why Does This Happen?

When you apply for a mortgage, your credit report is pulled from the three major credit bureaus: Equifax, Experian and TransUnion. As a lender, we take steps to ensure your privacy by removing your email address and phone number from the report.

However, the bureaus collect and keep detailed information about your credit history, and they may unfortunately sell your information to third-party companies – a practice called “trigger leads.”

What Can I Do to Stop it?

In the meantime, the good news is you can stop these unsolicited mail, phone calls and emails by opting out. And if you plan to apply for a mortgage in the next year, we recommend opting out ahead of time to prevent it from happening altogether.

How to Opt Out

How to opt out for five years:

How to opt out permanently:

Alternatively, you can send a written request to each credit bureau that includes your phone number, name, Social Security number and date of birth.

Experian
Consumer Opt-Out
P.O. Box 919
Allen, TX 75013
888.397.3742.

TransUnion
Opt Out Request
P.O. Box 505
Woodlyn, PA 19094
800.916.8800

Equifax
Opt Out
P.O. Box 740123
Atlanta, GA 30374
888.548.7878

Your Privacy Matters to Us

Types of Swimming Pools

1. Inground Pools | Cost: $28K-$55K

   
   
   These are your most traditional, family-friendly type of swimming pool, and they are typically made of either fiberglass, concrete or vinyl-liner.
   
   Fiberglass costs more upfront but can be installed quickly and has the lowest cost of maintenance out of the three, according to Forbes.
   
   Vinyl-lined pools are highly customizable in size and have the lowest installation cost, but the liners can be susceptible to tears and will need to be replaced every 7-15 years, a process that can cost up to $4,000, Ecooutdoor reports.
   
   Concrete pools are the most durable and long-lasting option, and they are highly customizable. The downside is you’ll have to wait three to six months for the install, according to Forbes. They can also be difficult to maintain and prone to algae growth, meaning you’ll need to invest in more filtration and chemicals on a routine basis.



2. Above-Ground Pools | Cost: $1,850-$5,000

   
   
   Pools constructed above ground on your property allow homeowners to enjoy the perks of a pool at a lower upfront cost and quicker turnaround time. Plus, they offer a safer option for families as there’s a lower risk of falling in. However, they’re considered not as “pretty” as inground pools, which can be a deterrent to potential buyers when it’s time to resell. Additionally, durability is an issue as many only last seven to 12 years, according to Ecooutdoor.



3. Lap Pools | Above-Ground Cost: $15K-$30K | In-Ground: $20K-$70K

   
   
   Designed for swimming laps, these long, rectangular pools are a refreshing way to exercise. While not a very family-friendly option, lap pools tend to incur less maintenance costs since they usually have less water.



4. Infinity | Cost: $55K-$130K

   
   
   If you want the resort experience from the comfort of your home, you can opt for a custom-built infinity pool. While beautiful, you’ll end up paying 30% more than a regular inground pool.



5. Saltwater Pools | Cost: Varies

   
   
   Opting for saltwater over chlorine can give you lower monthly maintenance costs and can be gentler on skin, according to Forbes. However, they can be more expensive up front thanks to special generators that cost up to $1,500 and salt cells that range from $300 to $600 and need to be replaced every several years, according to National Pools & Spas. Additionally, salt is corrosive and can damage anything metal.



6. Plunge | Cost: $14K-$25K

   
   
   Designed to be cold, small and one depth, plunge pools are intended as a cool down after athletic activity rather than swimming.



7. Swim Spas | Cost: $18K-$26K

   
   
   Kind of like a hot tub, swim spas are small pools meant for lounging that can have jets and lights. They cost less than a full-size pool and are a relaxing option for a small household. However, you won’t get much serious swimming done in it and they’re usually too small for families.



8. Indoor Pool | $40K-$200K

   
   
   If you live in a colder climate, an indoor pool makes it possible to enjoy your pool all year long without having to winterize it. You can have it installed in an existing basement, sunroom or screened porch. While you’ll have less maintenance with it not being exposed to the elements, enclosed pools are still very expensive and require dehumidification systems.

The Cost of Residential Pool Maintenance

Do Swimming Pools Add Value?

Where’s it’s Really Cool to Have a Swimming Pool

Pros and Cons of Owning a Swimming Pool

Pros

• You have many options as far as sizing, materials and type of pool available to you
• Great for family fun, exercising, cooling down and entertaining
• Can increase your home value in some markets
• A private swimming experience as opposed to a community pool

Cons

• Requires regular maintenance
• Cost of installation
• Higher utility bills and insurance premiums
• Safety Concerns

How to Finance a Swimming Pool

Cash-Out Refinance

HELOC

Final Thoughts on Swimming Pools

Ever wondered if you need to put 20% down to buy a home? Or if there’s a way to reduce your down payment? Or even, what exactly is a down payment? There’s no dumb questions here, and we’ve got the answers for you.

As a Reminder

A down payment refers to the amount of money you contribute upfront when buying a home.

The 20% Down Myth

You might have heard that you need to put 20% down to buy a home, but that’s not exactly true. The size of your down payment will vary depending on the loan program you apply and qualify for.

For example, VA loans do not require a down payment for qualifying active-duty military, veterans and surviving spouses. Buyers wishing to purchase a home in rural areas can apply for a USDA loan, another government-sponsored zero-down program.

FHA loans, backed by the Federal Housing Administration, can go as low as 3.5% down depending on the borrower’s credit score.

Conventional loans, also known as conforming loans, allow buyers to put as little as 3% down, but typically lenders will require you to pay for private mortgage insurance (PMI) that can be canceled once you’ve earned over 20% in home equity.

So, How Much Should You Put Down?

That’s a great question, and the answer will be unique to you and your family’s needs.

Last year, the typical down payment for first-time buyers was 8% and 19% for repeat buyers according to the 2023 NAR Buyers and Sellers Demographic Report.

It’s beneficial to put down a smaller down payment to make homeownership more accessible and immediate without draining your savings.

However, with a larger down payment, you can typically get a slightly lower interest rate, plus you will be lowering your monthly mortgage payment since you’ll owe less over the life of your loan. You’ll also have more equity in your home upfront and can typically avoid PMI with a down payment over 20%.

Down Payment Assistance Programs

For first-time home buyers, 38% said saving for a down payment was the most difficult step in the process according to the 2023 NAR Buyers and Sellers Demographic Report.

However, there are many programs offered by state, county and city governed agencies that are designed to reduce the amount needed for a down payment using loan and grants. These are called Down Payment Assistance (DPA) programs, and they allow for first-time homebuyers with low to moderate incomes to achieve their goal of homeownership.

The Bottom Line

The size of your down payment will vary based on your unique circumstances and the loan program you apply for. Thankfully, you’re not alone in your home purchase pursuit, and our expert Loan Officers will walk you through your options and find the best financing fit for your needs.

If you’ve invested in higher education, chances are, your degree probably came with job opportunities, a cap and gown and countless memories – but most likely also a lot of debt.

According to Experian, the average student loan balance was about $38,787 as of Q3 2023.

The outstanding balance for federal student loans as of March 2024 totaled $1,620.1 billion spread out among 42.8 million borrowers, according to the office of Federal Student Aid – an office of the U.S. Department of Education.

That’s not even including private student loans, which have an estimated $130.28 billion total private student loan balance as of Q3 2023, according to Enterval Analytics’ Private Student Loan Report.

Suffice it to say, you’re not alone if you’re carrying around student loan debt. We have good news though: Refinancing can help.

Why Refinance Student Loan Debt?

Whether you’re not sure you should refinance your student loans or trying to decide if now is the right time, we can help.

• You want to increase your chances of buying a home
• You have any loans with double-digit or variable interest rates
• You have multiple student loans, whether public or private
• Your debt-to-income (DTI) ratio is high, meaning you owe more than you make
• You want to pay off student loans faster

If any of those sound like your situation, we’ve got good news.

NEW Student Loan Refinancing Options

We’re excited to now offer student loan refinance options! This program allows for qualified applicants to refinance their public and private student debt into a single loan with a low fixed interest rate and monthly payment.

Student loan debt doesn’t have to hold you back from buying a home, and we want to help reduce any barriers to your homeownership goals through this new program.

The Benefits of Refinancing Your Student Loans With Us

You Could Save Thousands

Converting a high-interest student loan into a lower-interest loan can save you a lot of money and significantly cut down your student debt.

It Could Improve Your Monthly Cash Flow

With lower loan payments, you’ll have more disposable income at the end of every month.

It Could Allow You to Save for a Mortgage Down Payment Faster

When you refinance, you can put those monthly savings toward a down payment on a new home.

You’ll Be Lowering Your DTI

Your debt-to-income ratio is just as important as your credit score when applying for a mortgage. Refinancing can reduce your DTI, thus making it easier to qualify for a mortgage.

You’ll Only Need to Make Just One Monthly Payment

Instead of making multiple payments to cover multiple student loans, make just one! By refinancing, you can consolidate all your public and private student debt into one single loan with a low fixed interest rate and monthly payment.

5 Simple Steps to Refinance

As mentioned, refinancing a high-interest rate student loan or loans will save you money, improve your cash flow, lower your DTI and help you buy a home sooner.

And did we mention, it’s quick and easy? By your next payment, you could be paying a reduced interest rate and have a single lower monthly payment.

1. Find your rate
2. Apply online in 15 minutes
3. Submit documents
4. See loan rate and term
5. Review loan and e-sign

Apply Today

Don’t let student loan debt hold you back from homeownership. Click here to see just how much you can save by refinancing your public and private student loans!*

*If you refinance federal student loans, you may no longer be eligible for payment options available to federal loan borrowers or other federal benefits.

NQM Funding, LLC is not affiliated with Bank of Lake Mills. NQM Funding, LLC offers home loan financing and does not offer student loans or debt consolidation services. A mortgage loan with NQM Funding, LLC is not contingent upon obtaining a student loan or using Bank of Lake Mills’ services. Please consult with a student loan advisor to understand the benefits that you may gain by consolidating or refinancing student loans. Bank of Lake Mills makes all credit decisions and is responsible for all student loan activities.

Whether your starter home is beginning to seem more long-term or you’re looking to upgrade your fixer-upper, investing in remodeling projects can help customize your home to your needs, enhance curb appeal and most importantly, add value to your home when it comes time to sell.

If you ready to invest in your home, but aren’t sure where to start, we recommend tackling projects that will give you the most return on investment (ROI), meaning the value you add to your home will exceed the cost of the job.

Renovations With the Highest ROI Nationally

According to the Remodeling 2024 Cost vs. Value Report, the top three renovation projects that you’ll get the most bang for your buck are a garage door replacement, steel entry door replacement and manufactured stone veneer exterior.

Garage Door Replacement

Replacing your existing 16×7-foot garage door and tracks with a four-section garage door on steel tracks with top panel windows recoups an average 193.9% of the cost – a jump of 91% more value from 2023. The job, as described by Remodeling, uses the existing motorized opener but adds a new door made from high-tensile-strength steel with two coats of paint, insulation and thermal seals – plus, a lifetime warranty on the new door.

Steel Entry Door Replacement

Give your entry door a fresh look by replacing it with a new steel door.  The Remodeling report suggests a 20-gauge steel unit with a dual-pane half-glass panel and an aluminum threshold with composite stop. The job will run you about $2,355, but you’ll be recouping 188.1% of the cost – up 88% from 2023. Not only will the renovation enhance curb appeal, but steel doors are also known to provide more insulation, making it an energy-efficient choice. Plus, you can count on it being long-lasting, durable and highly secure.

Manufactured Stone Veneer

Add a whopping $17,291 value to your property by replacing your exterior vinyl siding from the bottom third of the front of your home with an adhered manufactured stone veneer. Make sure to include proper water protection and you’ll be left with an attractive, long-lasting and low-maintenance enhancement to your house exterior. The project will cost you upward of $11,000, but you’ll recoup 153.2%, up 50% from 2023 with a consistent increase in value year-over-year.

Renovations With the Lowest ROI

Primary Suite Addition

Whether it’s midrange or upscale, no matter how you swing it, adding another primary suite will be an expensive project with little return. In fact, data going back to 2010 suggests the cost has always outweighed the resale value, with the ROI for an upscale addition peaking at 59.9% in 2017 and sharply declining ever since.

Bathroom Addition

Adding a bathroom to your home is another high-cost, low-reward renovation project, with just a midrange addition proving to be a loss of over $38,000. Going back to 2010, data shows that the resale value has never exceeded the cost, and the ROI has continued to decline since 2019.

Major Kitchen Remodel

Kitchen remodels are very common, but according to the data, doing a major renovation doesn’t recoup its value and hasn’t ever based on numbers going back to 2010.

Major kitchen renovations at the midrange level include updating a 200-square foot kitchen with 30-feet of semi-custom wood cabinets, a 3×5-foot island, laminate countertops and a double-tub stainless steel sink. Additionally, a major remodel would involve adding an energy-efficient range, vented range hood, built-in microwave, dishwasher, garbage disposal, custom lighting, resilient flooring and fresh wall paint.

However, if you’ve got your heart set on updating your kitchen, you would be better off considering a midrange minor kitchen remodel according to the numbers.

A 200-square foot kitchen remodel is considered minor by leaving the existing cabinet boxes in place but updating them with new shaker-style wood panel fronts, plus new hardware. Additionally, it includes updating appliances like the range and refrigerator with new energy-efficient versions, replacing laminate countertops, opting for a moderately-priced sink, new flooring and finally, a fresh coat of paint on the walls.

A minor midrange kitchen remodel will cost an average of $27,492, but will recoup 96.1% of the cost, with a resale value of $26,406.

Remodeling Projects With the Highest ROI by Region in 2024

East North Central

1. Steel Entry Door Replacement: 161.8% ROI
2. Garage Door Replacement: 152.3% ROI
3. Manufactured Stone Veneer: 112.2% ROI

East South Central

1. Garage Door Replacement: 172.8% ROI
2. Steel Entry Door Replacement: 153.2% ROI
3. Manufactured Stone Veneer: 141.4% ROI

Middle Atlantic

1. Garage Door Replacement: 203.6% ROI
2. Manufactured Stone Veneer: 158.6% ROI
3. Steel Entry Door Replacement: 158.6% ROI

Mountain

1. Steel Entry Door Replacement: 185.2% ROI
2. Garage Door Replacement: 174.4% ROI
3. Manufactured Stone Veneer: 124.3% ROI
4. Fiberglass Grand Entrance: 100.4% ROI

New England

1. Garage Door Replacement: 314.7% ROI
2. Steel Entry Door Replacement: 236.2% ROI
3. Manufactured Stone Veneer: 151.7% ROI
4. Fiber-Cement Siding Replacement: 118.3% ROI
5. Vinyl Siding Replacement: 115.8% ROI
6. Minor Midrange Kitchen Remodel: 110.8% ROI

Pacific

1. Garage Door Replacement: 250.7% ROI
2. Steel Entry Door Replacement: 249.9% ROI
3. Manufactured Stone Veneer: 203.5% ROI
4. Fiberglass Grand Entrance: 136.6% ROI
5. Minor Midrange Kitchen Remodel: 134.3% ROI
6. Fiber-Cement Siding Replacement: 115.7% ROI
7. Wooden Deck Addition: 111.1%

South Atlantic

1. Steel Entry Door Replacement: 198.9% ROI
2. Garage Door Replacement: 189.5% ROI
3. Manufactured Stone Veneer: 150.2% ROI

West North Central

1. Garage Door Replacement: 158.4% ROI
2. Steel Entry Door Replacement: 152.5% ROI
3. Manufactured Stone Veneer: 111.2% ROI

West South Central

1. Manufactured Stone Veneer: 220.1% ROI
2. Steel Entry Door Replacement: 163.2% ROI
3. Garage Door Replacement: 149% ROI

Renovation Financing Options

Cash-Out Refinance

HELOC

A Home Equity Line of Credit (HELOC) allows you to use the equity you have built in your house as a line of credit to finance large expenditures over time. HELOCs are perfect for remodeling projects that add value back into your home.

We offer HELOC loans ranging from $25,000 to $500,000 with investment property, bridge and interest-only options.

Renovation Loans

Find Out How Much You Can Afford Today

Ready to get started on replacing that front door? Or maybe you’re ready to swing for the manufactured stone veneer for ultimate curb appeal enhancement?

Contact one of our Loan Officers today to find out how much financing you can receive for the remodeling project of your dreams.

You can trust our highly experienced team of mortgage professionals to work with you to select the PMA loan product that best suits your unique financial and renovation needs.

Getting preapproved for a mortgage is an important and helpful first step in the homebuying journey! Before you begin seriously house hunting, we recommend getting preapproved with a lender, like us. We’ll take you through why and what to expect in the process.

But First, What is a Preapproval?

A letter of preapproval from a lender indicates how much you are tentatively approved to borrow for a mortgage. To get preapproved with us, you’ll fill out a brief application, verify your identity and provide basic documentation of your finances.

Then, one of our Underwriters will review your documentation and provide you with a letter of preapproval that indicates how much you can borrow, your interest rate and what your monthly payment would be.

The Benefits of Getting Preapproved

Thankfully, there’s no downsides to getting preapproved – only benefits.

• House Hunting Made Easier: When you know how much of a mortgage loan you might qualify for, you get an accurate picture of your buying power and can narrow down your search to houses in your budget.

• You Become a Serious Buyer: A letter of preapproval signals to sellers that you’re a serious, credible buyer who is already working with a lender and is very likely to qualify for a mortgage loan. This is helpful in low-inventory markets with steep competition.

• It Makes for Faster Closings: Since your information is already in your lender’s system, you’ll have already taken care of the beginning steps of the loan process and potentially expedite your closing date.

Preapproval vs. Prequalification

You may have also heard the term prequalification, but be aware, it’s not the same as preapproval. Both give an idea of how much of a home you can afford and if you qualify for a loan, yet one holds more weight. Prequalification will give you a general indication that you can qualify for a mortgage were you to apply, and it requires just a basic review of your finances. However, a letter of preapproval is a much stronger signal to sellers as it requires a more thorough review of your finances.

How Long Does a Preapproval Last?

Some lenders have an expiration date for their preapprovals, but ours don’t. However, typically after a few months, we update your information and, providing your financial situation did not change, we renew your preapproval. Then at time of application, all information is updated prior to the underwriting of your loan.

Documentation Required for Preapproval

In order to issue a letter of preapproval, your lender will require certain documentation to verify your identity and income. The list will vary depending on your lender, and other documents may be required based on your unique financial circumstances.

Generally though, here’s the documentation we’ll ask you to submit:

• A Valid Government-Issued ID: We’ll need a valid driver’s license or social security card as identification to start with.

• Income Documentation
  • 30 Days of Paystubs: Your employer should provide you a paystub that shows how much you are bringing in each pay period.
  • Last Two Years of W-2s and Tax Returns: We’ll want to see tax documents from the last two years.
  • 60 Days of Asset Statements: Statements for any other assets you might have (retirement accounts, investment accounts, etc.)
  • Statements for any other assets you might have (retirement accounts, investment accounts, etc.)
  • Two Years of Business Tax Returns (If You are Self-Employed): If you are self-employed, you will need to provide documentation for your business as well.

• Additional Documentation if You Already Own Property: If you already own property, we’ll ask to see bills for all properties you own including mortgage statements, property tax bills, insurance bills and HOA payments.

Get Preapproved With PMA

Our easy preapproval process gives you the preliminary answers you need to qualify, so that you can borrow the maximum amount you need to purchase your dream home.

Plus, our online application interface and companion mobile app makes it simple to view the status of your preapproval and submit documents. You’ll get prompt notifications about important documentation we need from you, and access to your files once they’ve been uploaded. You can also easily communicate with your Loan Officer and send and receive messages quickly and safely.

Ready to Get started?

Scroll down and click “Get Preapproved Today” to begin your homebuying journey.

Many homebuyers in today’s market are turning to new construction as a solution to low inventory but also for the perks of building a home customized to them.

Data shows that new home purchases continue to outpace last year’s numbers, with July 2023 applications up 35.5% from 2022, according to data from the Mortgage Bankers Association (MBA) Builder Application Survey.

If you’re ready to begin the search for your dream homebuilder, we’ve got seven tips to help you get started.

Step 1: Consider Your New Home Priorities

We recommend first thinking about what’s important to you regarding your new home as it will affect your homebuilder decision. You’ll want to know what your must-haves are so that you can find a builder whose portfolio and style match your needs.

Determine Your Ideal:

• Location
• School District
• Lot Size (Especially if Your Family is Outdoors Often)
• Backyard Size (Especially if You Have Pets)
• Price Range
• Home Style

From there, you can find a builder that meets your requirements at a good value.

As far as your price range, we can review your financial scenario and preapprove you so that you know how much home you can afford. Get preapproved in minutes here.

Step 2: Settle on a Location

Decide whether you want to live in a new home neighborhood or build on your own lot. Many custom homebuilders build exclusively in their own private neighborhood.

Step 3: Research the Top Builders in Your Area

Search for online reviews for local builders to see which are the top-rated in your area. You can find reviews on Google, Yelp and Facebook as well as sites specific to rating homebuilders:

NewHomeSource: Read reviews from real homebuyers and view ratings based on quality, value, trustworthiness and responsiveness.

Avid Ratings: In their words, “Avid Ratings is an independent customer experience research firm with the largest and most comprehensive homebuyer experience database in North America.”

Eliant Experience Management: Eliant rates builders based on feedback from recent homebuyers on the builder’s purchase process and evaluations from homeowners regarding how the builder’s quality and service holds up over time.

Your real estate agent can also direct you to potential local builders. Oftentimes, Realtors® partner with specific homebuilders.

Step 4: View Builder Portfolios

Once you’ve done some research and compiled a list of potential builders based on your desired neighborhood, Realtor® recommendation or customer reviews, take a deeper look at each builder’s portfolio.

If you have a specific style of home in mind, compare that with previous homes they have designed. Typically, you can find a gallery of floor plans and front elevations on the builder’s website.

Step 5: Visit Showrooms and Jobsites of Potential Homebuilders

In addition to viewing their online portfolios, you can request to visit complete homes and current jobsites with potential builders.

When you’re there, make sure to take note of a few things:

• The Team Building the Home
• The Quality of Construction
• The Finishes in the Homes
• Jobsite Cleanliness and Safety
• How Hands-on the Builder is With Their Team

Step 6: Interview the Builder

Before you sign on the dotted line, make sure to interview the builder – after all, they will be working for you. Come prepared with a list of questions to ask and topics to discuss.

Some ideas include:

• How Much You Can Customize the Home Plans They Offer
• How Your Questions and Concerns Will Be Addressed During Construction
• How Long Construction Should Take
• How They Service Warranty Issues Once You Move in
• If the Contract They Offer is a Fixed-Price Contract
• Who’s Responsible for the Interest Payments During Construction
• Who’s Responsible for Paying the Insurance During Construction

Step 7: Financing Your Dream Custom Home

Once you’ve narrowed down who you want your homebuilder to be, it’s time to evaluate your financing options! At Premier Mortgage Associates, we offer Construction-to-Permanent loans for single family primary residences.

How Our Construction-to-Permanent Loans Work

Construction-to-Permanent loans, also called Construction-to-Perm or CP loans, are used to build a home on a lot you own or one you wish to purchase. It’s just like any other loan that you’re used to, except it’s divided up into two phases. You have your construction phase, which is at the beginning, and when the home/project is 100% complete, then your permanent phase where you pay back the construction loan and replace it with permanent mortgage.

The Benefits of Our Construction-to-Perm Program

• Available for Single Family Primary Residences
• You Can Qualify to Receive Financing up to 100% Depending on Your Loan Program
• If You Qualify, We Can Offer FNMA, VA, Jumbo, Investment or Second Home
• The Construction of the Home Can Be Concrete or Stick (Wood) Builds
• Depending on Construction Technique, We Can Also Allow for Modular Builds
• Build on Your Land or Purchase a Package
• Fixed Interest Rates During Construction Phase

What You Can Expect With Our Construction-to-Perm Program

Once you reach out, our dedicated Construction-to-Perm team will start your application and request documentation to qualify you for the loan. If you’ve chosen your builder, we will need to complete a background check on them BEFORE you sign a contract to ensure they have a low risk of causing any defaults.

If we do not have a current relationship with your selected builder, we will send them a relationship packet to complete. The rest of the process moves like a regular loan – once you close on the land and house with the construction phase loan terms, building will start. Once the construction is completed, the city has issued a Certificate of Occupancy and we have collected all completion documents from the builder, we will modify to the permanent loan.

Get Started Today With PMA

Take the first concrete step (see what we did there?) toward your new custom home – get preapproved in minutes so you know how much you can afford. We can’t wait to work with you to finance your dream custom home!