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For a first-time homebuyer financing a new home build can be intimidating. You probably have loads of questions, and before you scour the Internet and decipher which “financial pro” has all the answers, we’ve created a simple guide from our internal financing team.
Why listen to their advice? Because they really care.
Our M/I Financial (MIF) Team ensures that all your important financial questions are answered and you are put at ease during the process.
Top Financing Tips to Owning Your New M/I Home
So how do you finance a new construction home? To make your first home buying process a little easier, we have put together tips on what you should look at before purchasing a new home.
Committing to these will not only alleviate your financial burden in the future, but will also make the whole process seamless and stress-free, getting you into your new home before you know it!
- Stick to your budget
- Have a savings plan
- Pay debt on time
- Make sure you have a payment history (yes, that means tightening your belt and paying off your credit cards or car payments!)
- Thinking of closing a credit card before you go purchase a home? STOP! Canceling your credit cards will bring your credit score down, so simply make you payments on time.
- Consider paying off those lingering student loans, too.
- Save for a down payment
- Work with an experienced Mortgage Associate
- Needs to be an advocate
- Should work with you to save on your mortgage rate
- Determine how much home you can afford
- Determine your debt to income ratio and cash flow
- Create your wish list
- How beds and baths do you need?
- Where do you want to live?
- What are nice-to-haves, but not musts?
- What is your current comfort level?
- What could be improved?
- Save important documents
- W-2
- Pay Stub
- Any documents for down payment example car, apartment, and credit card
How to Comfortably Finance Your New Construction Home
Viewing your credit score from a third-party company is great! However, when it comes to viewing your credit score on a mortgage level, it can be a very different. Mortgage level credit scores tend to be below what a third-party company shows.
With our M/I Financial Team, you will have the option for various payment methods that fit your comfort level, whether it be regarding a higher mortgage rate or what type of down payment you can afford.
Our team will also be here to help you with the pre-approval process.
Why M/I Financial?
So, why choose MIF for your financing experience for your new build home? Here are a few of the many benefits you’ll find with us.
- You can stretch your buying power with various incentives and options
- M/I Financial proudly offers below-market rates
- With a 96% Customer Satisfaction rate, you’re sure to love working with each member of the M/I Financial team
- Enjoy peace of mind while building your dream home with a Protected rate
- M/I Financial works closely with the builders to get in your home on time
- Expert staff with decades of experience makes sure your experience is effortless
- Because M/I Financial works closely with M/I Homes, we can lessen your stress by shortening the time between approval and construction
- M/I Financial puts all their focus on the buyer to make sure your experience is as tailored to you as possible
Take a breath of relief! Your new M/I Home is in good hands. We’ll be here for everything you need, and we’ll always treat you right. Learn how to apply today.
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