Custom Homes Broken Arrow | Financially Responsible
Custom Homes Broken Arrow | Financially Responsible
All right, this is again back with custom home broken Arrow and builders. We’ve been talking about that for weeks now and we’ll kind of still on that same topic and we want to talk about today. Custom Homes Broken Arrow We want to talk about financing. Um, so I’m going to give you some tips on financing part of it and what I know, I mean I’m not a lender but I’ve dealt with at this point hundreds of loans and kind of you got a good feel on it. Um, so I can offer a little bit of advice here is the customer unbroken Aaron Builder, but financing it’s extremely important.
I’ll tell you a little bit about what happened with us. A story kind of kick things off. Um, and generally you great. We’re generally, we’re great with our, Bill’s great with our, um, handling our bills as a, my family is my wife’s great at it, but we didn’t miss a payment because we had set it up on automatic debit and for some reason it canceled on us and one of our credit cards and we didn’t notice it and got through into like a 36 day late payment on it because we thought we’d paid it. And so that was a huge deal because we were in the middle of building our second home or applying for a loan. Custom Homes Broken Arrow Well, it showed up on her credit, bumped her, knocked her credit score down, and uh, ended up costing us around 100 and I think it was $180 a month because our credit score went down. Custom Homes Broken Arrow And, uh, it’s insane. So when you’re talking about financing, I’m dealing with somebody right now and it’s a. They were never, they were never taught about credit. When you’re dealing with financing and credit scores, one of the major components, the other major component is debt to income ratio. And the third major opponent component is what your salary is, you know, there three of your big components, you know, your credit score basically tells the bank if they can trust you,
um, your salary tells the bank that you can afford what you want, what you are, what you can afford, and your debt to income ratio made slowly tells the bank what you also can afford, what your responsibilities financially are once you’ve gotten yourself into so three major areas there and uh, you have to be apt on all three. And so for us, we, even though we had a great credit score, when we missed that, we dropped our credit score and we dropped it into the next tier below, Custom Homes Broken Arrow which was $180 more. And that’s on a 30 year note. So that’s 180 times 30 or we could refinance once we got that payment all cleared up and that would have been six, seven grand. So that was a six to seven grand and mistake at his lowest as low as it could go. So that was a big deal.
I mean, that’s kind of deal deals. That’s kind of knowledge you need when you’re talking about I’m trying to build a home, you know, you need, you need to, you need to understand lending or financing. And also not only do you need to understand that you need to go watch how you’re handling it in that time. I mean, it’s important that you, um, you get it right. And so I’m here to Kinda discuss, remind you that this is financing is important. I’m here at Shaw homes and custom home broken Arrow builders. We do have the three preferred lenders. Um, we, we have a person inside these institutions. We like all three of these institutions and then we have somebody on the inside. We started off with Bank of Oklahoma. I’m and Wagner. He’s one of their top lenders there and he’s great. Um, we also have first Oklahoma mortgage which is located in Jenks and both of those two banks or local and his name is Juan Rodriguez at first Oklahoma Bank.
Um, and he’s also great. And then we have spirit bank. I’m not, they’re kind of our newest preferred lender and they’ve done a good job so far, even though they do sell their loans, but they’d done a great job at legacy gains over at spirit bank is our rep. so the cool thing about all these lenders are, and with all these institutions, they um, here at custom Holmesburg near bill builder, they all do closing costs, matching an interest rates, interest rate matching, which means, and sometimes this has happened when people come in with their own loan or lending institution that they’ve already got approved through, then we will match their interest rate and match their closing cost. And so a is generally really cool. Um, because people will come in and say, well, I have a great rate or I have a great, you know, these people give me great money on closing costs and we’ll match it so we can’t be beat, for lack of a better term on interest rate or closing costs by anybody. Um, because we will match, um, as long as we have apples to apples and oranges, oranges, and they’re not doing some sort of funny program where they get you some other way. So, and we’ll let you know if that’s happened in two after we look about at your, um, your approval. So it is a preapproval that that’s what we use with our banks because we, there’s a trust factor already established and the preapproval allows us to move forward in a 24 hour approval process instead of having to go through underwriting
and, um, and uh, spending, you know, there could be a month and underwriting, you can imagine what kind of, what that can do in a new home build situation where I have somebody that I’ve already taught, I’ve already them out, I’m waiting on lending to see if I can even write something up. You can imagine a month could be feel like 10 years. So it really is not a good thing for us. Uh, we really want to get going and that is why we do a, we do it right away. We certainly love to do it. And we love the lending institutions we use because of the preapproval, it’s a five minute application at 24 hour approval process and it just streamlines everything, makes it easy. They do handle all types of loans. So sometimes I’ll have a veteran come in and ask if we do Vha, we do. Um, we did the maiden native American as well, certainly do if you have a card. And we do that and we also, uh, we do conventional and Fha. So, um, we do already if the neighborhood fits it and we do all those things. So we have all types of loans we do closing costs, mattress interest rate matching. We have a 24 hour approval process with the five minute application. Custom Homes Broken Arrow So really it’s hard to beat, I mean every single little level, hard to be the ease of what we offer on the lending side as a custom home, Brooklyn Aaron Builder.
So we’re super excited that, you know, for you to use one of our lenders, another incident of don’t use one of our lenders is that we, it is that we offer a full incentive with our lenders which means our incentives right now, they changed, they usually change from month to month. Sometimes they’ll go two months or three months before they change, but our incentive right now is $10,000 off the price of the home and about $5,000 in items for a dollar a piece. So it is a really, really good incentive and we try to get you to use our lenders. And this is not like some, like we don’t get anything for using our lenders. Custom Homes Broken Arrow They don’t give us a kickbacks actually illegal to do that as a custom home broken Arrow and builder. We can’t get kickbacks from lender. So we don’t, we don’t get a kickback, but the security and safety inside the deal with you using one of our lenders is, is there and it’s, it’s worth money to us to have that security.
One or lender says they’re good. I have the security to say, okay, we’ll start a house because we’re going to spend a lot of money building your house as a custom home broken and Aaron builder and you’re going to give us a little bit of money, but we’re going to spend a bunch of money. So we want that safety and security at one of our preferred lenders. I’m saying yes, they are good and because we want that, we’re willing to pay money for it as an incentive for them towards you as the buyer to use one of them. And so if you go outside of that, say you do have one of your lenders that you have a great relation with, either you know, it’s your husband or, or is your friends softball coach or whatever. Um, we cannot give you the full incentive, which means that you will only get, instead of getting the 10, you’ll get five and you won’t get the dollar right. The current incentive. So there is a cutoff there and either they do lose something there. Um, by doing that. So, we really want you to go with our lenders. And that’s the reason why we, we really want you to go with them, you know, so, um, custom on broken arrow builders, that’s a little bit on financing. I’ll probably cover a little bit more little talk a little bit more about it and then, um, we can, um, we can go from there. Custom Homes Broken Arrow Thank you for listening to another customer home broken Arrow builder podcast. This is Niger Arnold, nine one eight five, one eight, one, two, six, six. Thanks so much.