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March 31, 2015 | NewHomeSource

New Home Source Interviews Faramarz Moeen-Ziai: How to Make Sure You Qualify for a Home Loan

A challenge, easily overcome when working with an experienced lender, is finding the right loan program to match your timeframe.

Financing a Newly Built Home

"When you're buying a newly built home, you need to talk to a lender as early as possible about potential requirements for things, such as a certain number of homes needing to be presold before any loan can close," says Faramarz Moeen-Ziai, senior vice president of sales and production at Commerce Home Mortgage in San Ramon, Calif. "That’s why it can be beneficial to work with a builder’s preferred lender who understands these nuances."

In addition, Moeen-Ziai recommends checking that a lender provides a long-term interest rate lock, particularly if you are borrowing close to your maximum payment comfort level. You don't want to be stuck with a higher interest rate and payment when your loan closes.

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