What Is a Preferred Lender and Why Use One?

When it comes to making an offer on a new construction home, the financing side of things is a bit different than what you may experience in the resale home market. Finding your builder, making an offer on a new construction home, and choosing the finishes keeps homebuyers plenty busy. As such, we strive to make the rest of the process as stress-free and streamlined as possible. We know that making an offer on a new construction home is one of the largest financial decisions many people will make in their lifetime. That’s why we try to make the financing as simple as possible for homebuyers by connecting them with one of our Preferred Lending vendors.

At StyleCraft Homes, we’ve been building homes for over 25 years, and in that time, we’ve worked with our fair share of lenders. So, what is a Preferred Lender? We’ve honed in on the lenders that ensure making an offer on a new construction home is a breeze for homebuyers. Over time, these lenders have become our Preferred Lending Partners because they embody the Live Up standard, long before move-in day.

We’ve worked with thousands of homebuyers to close on new construction homes, and in the process, we’ve seen it all. Newbie lenders that miss a critical part of the process and throw a wrench in the fan. An out-of-state lender that isn’t familiar with our area and causes delays. Quite simply, not all lenders are equal, and not all of them make making an offer on a new construction home feasible.

When we come across lenders who dot every “i” and cross every “t”… we take note. And when they deliver consistently good results for our homebuyers? They earn the rank of being a StyleCraft Preferred Lender. Ultimately when homebuyers ask us “what is a Preferred Lender?”, it’s the lender we’d work with if we were in the market.

Still not sure? 95 percent of StyleCraft homebuyers choose to work with one of our Preferred Lenders. And that’s not because they have to. Homebuyers are welcome to choose whichever lender they prefer. It just so happens, that most of the time, the professionals who are part of our Preferred Lending list earn the business of our homebuyers, offering competitive financing options and better customer service while they’re at it.

#1: It's better for your bottom line

Our Preferred Lenders are knowledgeable about the pacing of the new construction process and can sometimes lock in interest rates for a longer period of time to accommodate the building timeline. At the end of the day, they’re not going to hold the new construction process and timeframe against you, whereas a less experienced lender might insist on tight deadlines that don’t quite fit with the building process. For StyleCraft Gateway homebuyers, our Preferred Lenders can also help put together a budget-conscious deposit structure for pre-qualified buyers. As a rule, our Preferred Lenders offer competitive mortgage rates, on par or better than you’d find elsewhere, so if the bottom line is your bottom line, they’re a great bet.

#2: It won't limit your lending options

We know that no two buyers are exactly alike, and our Preferred Lenders can shop for all the major loan types, including USDA, HECM loans, and government loans. And don’t worry, we won’t throw you into the deep end alone. Since we work with several different Preferred Lenders, your New Home Sales Consultant can point you to the Preferred Lender that will be able to serve you and your unique situation best. Everyone on our Preferred Lending list also has extensive experience helping first-time homebuyers secure financing and understand the process, so if this all sounds foreign to you, they can help with that too.

#3: They understand new construction

Obtaining financing for a new construction home can be different than securing a traditional mortgage. At the very least, there are some nuances involved. For example, if other homes in the neighborhood haven’t sold yet, some traditional lenders won’t offer financing, deeming it too early on in a new development. Our Preferred Lenders on the other hand can help you secure financing, even if you’re the very first homebuyer in a new community. And because being an early adopter of a new community usually means the purchase price is more affordable, many of our StyleCraft homebuyers appreciate that our Preferred Lenders help them take advantage of these savings!

#4: It's a mutually beneficial relationship

The builder you choose determines how your new home construction process goes. But not far behind in importance, is choosing the right lender. The lender managing their side of the deal correctly is what allows the sale to close, and new homebuyers to get the keys. Every Preferred Lender on our list has the new construction experience necessary to help find you the best loan for your situation. But there’s more to it than that. When you work with one of our Preferred Lenders, we’re all working towards the same goal, successfully closing on the home, on time. Our Preferred Lenders are more likely to bend over backward to help you secure financing and close on time, and because they work seamlessly with the StyleCraft team, you can expect a positive experience.

#5: Our Preferred Lenders provide top-notch service

Part of the criteria we consider for determining what is a Preferred Lender is the customer service they offer. The last thing we want is for a homebuyer to be confused about the process or unable to reach their loan officer when it matters most. Our Preferred Lenders are available seven days a week, just a phone call or email away to assist with your loan. Plus, our Sales & Settlement team has a close relationship with our Preferred Lenders, so they’ll be in touch with each other throughout the process. And because we’re all striving to accomplish the same goal? There are no games of telephone involved. Whether you talk to the StyleCraft team or one of our Preferred Lending officers, you’ll get knowledgeable and personalized information, specific to your loan.

Choosing a lender as part of making an offer on a new construction home is a big decision. If you’re not sure where to start, our Preferred Lending resources are going to be a lifesaver. All the loan options you need, the expertise you can lean on, and the customer service experience we all deserve. Get started by touching base with a New Home Sales Consultant, or make sure you understand your purchasing power by reaching out to one of our Preferred Lenders.