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October 17, 2018

What You Need to Know About New Construction Financing

The decision to build a home is exciting but can open the door to countless questions regarding new construction home building process, specifically, financing and home loans. Don’t let inquiries like, “Do I need to obtain a construction loan?” or “How much would the monthly payment be?” spark confusion and uncertainty. Why? Because we’ve got all of the answers for you. Here’s what you need to know about new construction financing, courtesy of Alvarez Construction Company.

Whether it be your first build or you’re familiar with the process, we’ve conveniently outlined our information on financing and home loans below.

New Construction Financing

You’ve envisioned your dream home, looked through our portfolio of home designs and arrived at the exciting decision to build your home. But what about financing? Good news: No new construction financing is needed. We only build turnkey homes, so all you’ll need is permanent financing—then we can start the construction process!

Home Loans, Preferred Lenders & Closing Costs

Before you sign the construction agreement, you must be pre-approved for a loan. That’s a simple step that involves talking to a lender, who then determines how much you can be approved to spend on your new home. We’ll refer you to a lender that matches your needs. They’ll talk to you about the various loan programs available for financing a new construction home, tell you how much your monthly mortgage payment will be, and provide you with the details of your loan. While you can use your own mortgage company, our preferred lenders often offer more competitive rates and/or pay closing costs.

Get $5,000 in closing costs

Alvarez Construction Company and our preferred lenders have teamed up to give our homebuyers an even greater value: $5,000 in closing costs! When you choose one of the qualified lenders on our preferred list to finance your Alvarez Construction home, they will give you a $1,200 credit toward closing costs, PLUS we include an additional $3,800. It’s not just easy to build or buy your new construction home with us, it’s more affordable than ever!

Are you ready to build in one of our Baton Rouge communities? Explore our variety of floor plans, ranging from 1,434 to 2,522 square feet, and then head to our design center to discover all of the stylish options to transform your floor plan into your dream home. Take the first step in building with Alvarez Construction Company and talk to Matthew Petty about our floor plans, communities, and the path to home ownership.

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