Reducing The Stress Of Building A New Home
Michele Boger, a local realtor, is a friend of the Lincoln Lending team who not only decided to work with us for her mortgage, but also referred a family member!
The Client
Because of her career as a real estate agent, Michele has built a list of lender contacts that she recommends to her clients. Given her network, it was a huge compliment that she selected Lincoln Lending to assist with her mortgage when she and her husband built a new home.
The Bogers have purchased several homes of the years, but they declared, “This one has by far been the easiest.”
The Challenge
Building a home in the wake of the COVID-19 pandemic brought several new challenges. Supply chain issues with the building materials were some of the biggest hurdles Michele and her husband faced, which led to a delay in the completion of the house and, subsequently, the closing date.
Typically when Lincoln Lending works with buyers who are building a new home, the loan process will begin 30-60 days prior to completion. Interest rates can only be locked for a certain period of time, so this time frame allows the buyers to lock in a rate and close before the rate lock expires.
However, in the case of Michele’s new home, material delays made it impossible for the builder to finish in the expected time frame, and the rate lock was set to expire. Though the buyers knew there was a cost associated with a rate lock extension, housing interest rates were rising across the country at the time, so it was important to the Bogers that their original, lower interest rate was preserved. We were able to obtain a 30-day extension on the rate, which was just enough time for her builder to put the finishing touches on the new construction. Michele understood that the up-front cost of the extension would save her tens of thousands of dollars over the life of her loan.
The Process
Throughout the loan process, Michele said that the Lincoln Lending team was always easy to reach. “It was a totally seamless process,” she said. If she ever called when a team member was unavailable, she said she heard back from us right away.
She appreciated that the team was very clear and upfront about the specific documents we needed to collect from her. It made it easy for her to gather her paperwork quickly so that there were no delays in getting her loan processed.
The easy loan process proved to be a welcome stress relief from the rest of the new home construction project.
The Success
Before her extension was due to expire, Michele closed on her new home with a great interest rate. As a true testament to her positive experience with Lincoln, she even referred a family member to us for a mortgage.
“Kelly was a savior,” she said. “There were no issues and no hiccups with the lending.”
Building a new home is exciting, but it can also be stressful, which is why we aim to make the mortgage process as seamless as possible. If you’re building your dream home, get in touch with our team to get pre-approved and we’ll help you lock in the best rate possible.
