Tulsa Mortgage : Podcast 150
Tulsa Mortgage This is Steve Currington dot com in the Steven Tyler show episode number one fifty.
Steve. Steve Tyler why does it matter.
Pretty smart for him. Talk about everything you need to know what it’s like to disappears Here’s Steve Tyler.
You know what is happening my podcast land. What is happening.
Tulsa Mortgage Tyler. Tyler. Are you awake. Wake up Tyler. Tyler does not here.
Just kidding. I knew it was it. Hey it’s the Steve show.
Tulsa Mortgage so if you’re listening on our podcast we’re getting episode number one 50 and Tyler is busy closing loans and you know what like to record podcast consistently all the time because we use it for training. So if you’re watching on total ending you our topic today is people last all the time should I buy a new construction home or should I buy an existing home. What’s the difference or I kind educate on that and how you sell it and how you talk to clients about it. And then so if you’re watching on tolling you will go for that. And if you’re listening on the podcast on the Steven Tyler show through iTunes then you’ll get some great information on new construction versus existing. So here’s the question. OK this is like I can tell you there’s pretty much about three options if you want to build a house. You can go to a builder and they will build said house to your specifications that maybe they say they have. 15 different floor plans and you pick out a lot that they own. They build the house and then when the house is done. You get a loan and you purchase that house from the builder that’s option number one that you know they might already have a house built might be a brand new house. You might like it it’s already on the ground there’s a thrill you can close pretty quick. They may not even be moved yet and that might take four six eight 10 12 months to build a house so you’ve got to wait until the house is built.
Tulsa Mortgage The other option is you can build your own house. That’s where you go. Identify a lot. You go get a general contractor or a builder who’s licensed to go. Help you make plans you get a architect to draw up what you’re doing. You acquire your lot. You go get a construction loan because that’s what you have to do. You get a construction loan call Steve give you a construction loan. And that construction loan you’ll get draws as different parts of the process happen and you know you pull up the footing you do the slab the frame all that stuff happens. Now you have a construction loan and when the house is complete we do a refinance and we pay off your construction loan and you get your permanent home. OK in that case typically on a construction on you’re borrowing about 80 percent of the value of the completed value when it’s done they’re going to clewed a lot of that so you young a lot already. Then you unlock the other option is you build a custom home just like we just talked about except the builder gets the construction loan. You say hey builder I want your lot but I want to build custom I want to design it. I want to do all that stuff and I want you to build it but I want you to get the construction loan. So again you’re in the same spot as you were previously where you’re going to purchase it from that builder. That’s how you’re going to purchase it from that builder. Once the house is completed now you might say well OK so I want to buy an existing home.
So what’s I mean what’s the difference. Well the difference is on an existing home you’re dealing with a seller who owns it. Not necessarily a builder. The house is already constructed. You can get your inspections you can get your appraisal make sure the house is worth what you’re paying for it and you can close. So if you’re in a hurry you know Sam Sam is the only one here by the way it’s just me. Tyler ditched us. Even if I keep telling him to wake up or you wake up said Sam is here recording in podcast land.
I made that sound bite for Tyler because we record really really early in the morning when we do our podcast and some to I told him if he yawn man Tyler yawn. I’m going to play this sound.
I had Marshall make this tyler or you wake up so we we kicked her out this morning that’s why he’s not here but we record really early in the morning.
Tulsa Mortgage And so sometimes you just have to you have to wake her up. You know you’ve got to wake them up go crazy sounding. Good. So.
What’s the difference. I’m buying a new construction or I mean I want to buy existing home guys it’s really preference. That’s what I can take his philosophy is all time. What if I want to buy new construction was eloquent. If you’re looking for ease of closing and timely and it happening fast then buy an existing home period if you can. You know if you can I I’ll tell you this even if.
You say well I just want a specific house I want the house that I want.
You may not necessarily get that in new construction because people are unrealistic in their expectations. Some things. Can’t be done or if they can be done. It costs way more than what you’re willing to pay to have done so.
Tulsa Mortgage And sometimes when you’re building new construction if you’re unless you’re building a custom home which you’re going to spend more money to do than you’re picking a floor plan that a builder already has.