First Time Homebuyer Myths: Not Being Able to Afford Building a New Home

So you've been approved for a home loan, and you're excited to get started on your search for the perfect home in Frederick, MD. However, you may quickly realize that the shortage of inventory is making it difficult to find a home that fits your needs. First time homebuyers don’t yet have the experience buying a home to understand it’s not always as easy as walking into your dream home and moving in 30 days later. It’s a bit more complicated, and with the shortage of homes on the market in Frederick, it can be even more difficult to find a home you truly love. The Deibler Group, the Frederick MD division of Goldwater Bank, wants you to have the home of your dreams, and they want you to know you can build your dream home as a first-time homebuyer. It’s not as complicated as it sounds when you have an experienced home loan lender to help, and it may be the best option when you can't find a home that fits your needs. Read on to learn more about building your own home from The Deibler Group.

Step 1: Pre-Qualifying for A Mortgage

Our mortgage lenders can help you find the loan you need for whatever project you’re taking on. We'll help you understand the steps first-time homebuyers need to take when building a new home, from prequalifying for your brand-new mortgage to applying for the most affordable construction loan.

Step 2: Find The Best Construction Loan

A construction loan is a simple concept. It’s the funds you required to build your new home. The bank provides the funds necessary to build your new home. The rates usually vary, the loan is typically good for one year, and the bank schedules drafts based on the construction timeline provided by your builder so you can pay for the cost of construction at each stage. Upon completion of the construction process, this loan turns into a mortgage. It sounds more complicated than it is when you work with an experienced lender who handles all the behind-the-scenes work on your behalf. The construction loan can also help you purchase the land, along with funding the building of your home.

Step 3: Let Go of Your Fear

Some say that constructing a new home is one of the most stressful things you’ll do in life, and it just might be. However, your attitude determines the experience that you have when constructing a new home, and you can make it complicated or enjoyable. When you use an experienced lender such as the Deibler Group, you set yourself up for success from the start.

Many new home buyers believe that building their own home is out of their financial reach. However, that’s not the case. You can build your own property from as little as 5% down, and you don’t need to have a perfect credit score. The Deibler Group offers progressive construction loan options that are attainable for many people. From prequalification, to buying the land, to choosing the right builder, we’ll be there every step of the way to help you construct a new home that fits your family’s needs.

Step 4: Contact The Deibler Group Today!

Give Goldwater Bank a call today to schedule a time to meet with a lender. They’ll go over the process, help you choose a loan, and will be there for you from start to finish. Building a new home is simple when you have someone there for you throughout the process.