Mortgage 101: Everything You Need to Know Before You Build or Buy
For most families, buying a home is the single biggest financial decision they will ever make. At Roll Construction, we believe that building with intention means more than just high quality craftsmanship. It means empowering our community with the knowledge to make smart investments.
Too often, buyers enter the market without knowing how the process works. To shed light on these complexities, we sat down with Maggie Renuart, a local loan officer with over a decade of experience in Alamance County. We worked together to tackle the myths currently keeping people from the closing table.
The Three Questions Every Lender Will Ask
Before you even pick out a floor plan or look at land, Maggie suggests preparing for three fundamental questions.
Work History: Where do you work and how long have you been working there?
Credit Profile: What does your current score look like?
Assets: What do you have set aside specifically to purchase a home?
Whether you have $2,000 or $100,000 saved, there is a path forward. The goal is to start the conversation early so we can formulate a solution within the first five minutes.
Myth: The 20 Percent Down Barrier
The idea that you need twenty percent down is one of the most persistent misconceptions in real estate. In reality, we offer programs that can bring a buyer to the closing table with zero money out of pocket. By utilizing specific local partnerships, we have helped buyers in Graham, NC secure zero percent down options and closing cost credits. This allows them to keep their hard-earned savings for future repairs or other life goals.
Construction versus Renovation Financing
At Roll Construction, we do not just build new projects from scratch. We also breathe life into older homes through gut remodels and additions.
For New Builds: Your lender acts as a concierge service by vetting builders for credit and reputation before you even start.
For Remodels: We focus on projects that add actual equity such as adding square footage or updating kitchens.
The Inspection Safeguard: For any project involving a loan, the bank sends inspectors out to verify work is completed correctly before releasing payment to the contractor.
Protecting Your Progress
One of the most valuable parts of our talk with Maggie was her list of things to avoid. To keep your mortgage from being derailed, avoid these actions during the loan process.
The Best Buy Trap: Do not open new credit cards for appliances or furniture until the keys are in your hand.
Job Changes: Even a promotion within the same company can change your debt-to-income ratio. You should always call your lender first.
Large Deposits:If you are selling a car for cash to help with closing, document everything. Unexpected cash deposits are often a red flag for investors.
Watch the Full Interview
This post only scratches the surface of the thousands of programs available to help you find a home that fits your life and your budget. From temporary buy downs that lower your interest rate to specific programs for building on family land, the full video covers it all.
