Why Do New Home Builders Want You to Use Their Lender?

If you have spent any significant time researching new home construction options and new home builders, you’ve discovered most builders have a “Preferred Lender” listed on their website. Why do builders and lenders form these “preferred” partnerships? Are there nefarious back room deal makings going on? No, absolutely not.
There are two main reasons builders will partner with a mortgage lender – and both give advantages and buying power to the home buyer.

First – most mortgage lenders have new construction programs that offer a percentage or flat rate towards lowering the mortgage loan amount or closing costs. Different lenders offer different incentives to use them.
Secondly – over the course of the partnership the builder learns the lender’s processes and the lender learns the builder’s. There are no surprise bumps or procedures securing the mortgage loan and ultimately the closing goes much smoother and efficiently. Less stress on all parties!

Core Homes is happy to announce we have entered into a Preferred Lender partnership with FirstBank Mortgage!

Recently, Core Homes entered into a partnership with FirstBank. We have done business with FirstBank for several years and we are excited to work with them as a Preferred Lender.
We sat down with Rodney Long, our Mortgage Banker, to ask him some questions about what FirstBank Mortgage is now offering Core Homes home buyers.

Please introduce yourself. How long have you been in mortgage lending? What do you like to do in your down time?
My Name is Rodney Long and am currently working with FirstBank Mortgage. I have been blessed with the opportunity to assist families with their mortgage needs for 23 years. In my spare time, me and my family enjoy walking our dogs, kayaking, riding our bikes along the Tennessee River, and family game night.

What is the mortgage outlook right now, considering the Fed’s increase in interest rates?
The purchase of a home is a great way to secure future wealth through equity of owning a home. Today’s interest rates impact a family’s buying power. In a rising rate environment it is more important to put together a sound mortgage plan for future success. FirstBank can tailor a plan that meets their current need and stability to meet long term goals.

What information should a potential home buyer bring with them when they talk with you?
In order to complete a mortgage loan in a timely manner, I need the borrower’s driver’s license, most recent pay stub, and W-2. If they are self-employed then two years of their most recent tax returns.

Is now a good time to buy or build a new home?
Today is a great time to buy a home while housing prices are still affordable. Chattanooga home prices are still 22% lower than the market average. Families should buy today and take advantage of the equity appreciation in their new home.

In your experience, what are people most afraid of or perhaps, have the greatest misconception about mortgages?
I think the misconception of buying a new home is that it requires a large down payment. FirstBank has a wide array of mortgage products that require as little as 3% down and nothing for Veterans. Contact me to see what products fit your needs. We have an online application to get you started.

What should a person looking to buy or build a new home do right now, today?
I your are thinking of buying or building your forever home, I recommend the buyer(s) sit down with a FirstBank Mortgage Professional to start building a successful mortgage plan.

Last question: Why is FirstBank a good choice for Core Homes buyers for a mortgage loan?
FirstBank is one of the top mortgage lenders in our area. We are a personable, local community bank that can meet in person or we are able to utilize the most up-to-date technology to make the lending process seamless from start to finish. We offer Conventional, FHA, USDA, THDA, and VA loans to those deserving Veterans. And for Core Homes home buyers, we are offering a Lender Credit of 1% of the loan amount at closing up to a maximum of $5,000. This credit can be used to lower the interest rate on the loan, or can apply towards closing costs. This can represent a significant savings to the Core Homes buyer. 

Core Homes has Available Homes in all Stages of Construction
We have available homes in Apison, Harrison, and Ooltewah  and Soddy Daisy. From just at foundation to nearly complete! Give Kadi or Dell a call and discuss which Core Community is for you!

Why 2022 is the Year to Buy New

The 2022 Choose Chattanooga Relocation Guide just hit shelves last week. You don’t have to be a Realtor or a home builder to know that the Scenic City has become a mecca for folks escaping the high costs of living, cold-weather, or impossible traffic.
The pandemic has changed how people live in their homes – and a lot have found their current homes can’t provide the flexibility and livability home life now demands. This blog, published on a fellow home builders site, emphasizes why building now is the best option to get the most function, enjoyment, and return on investment in a new home. Give it a read.

this post was originally published on dreamfindershomes.com
If you’ve been on the fence about buying a new construction home, there are plenty of good reasons to finalize your decision sooner rather than later. The main motivating factor should be that home prices are not expected to decrease any time soon; they are, in fact, projected to increase for the foreseeable future. Interest rates are also still low compared to pre-pandemic rates, though these, too, will begin to rise (as they have already).

Prices and Rates Expected to Climb

Going into the new year, there is certainly less volatility in the real estate market than we saw in 2020 and 2021. Then, prices were increasing at breakneck speed as demand shot up. All we heard were stories about bidding wars, waved inspections, and even waved appraisals as buyers brought cash to the closing table. Now, as demand cools, home prices are, too. But if you think they’ll start decreasing anytime soon, you may want to re-evaluate.

Zillow predicts home prices will rise 14.3% in the next year, and much of that has to do with the cost of building products and supplies. Lumber, while much more available than it was a year ago, continues to cost well above what it did pre-pandemic, and those costs continue to creep up. The same is true for just about every component of a home — from flooring to HVAC systems to paint. As with housing in general, the demand is just too high as manufacturers struggle to keep up, and prices reflect that.

Demand for new houses isn’t letting up anytime soon. The U.S. currently has under built housing by at least 5.5 million homes. Even as the pace of building picks back up, it will take five or six more years before supply and demand level out, continuing to buoy the price of homes.

Still-low interest rates are also a great reason to buy a new home now. Even with higher home prices, today’s low rates help to keep monthly mortgage payments reasonable for home buyers. And if you have a certain budget that you must stick to, the ability to afford a larger home is an added perk of low interest rates. But they won’t stay low forever, and are predicted to rise substantially in 2022.

Now is the RIGHT Time to Build

If you’ve been in “wait and see” mode for the last few years, you’ve probably looked extensively at floor plans and chosen one or two that would be perfect for you and your family. And chances are you’ve identified exactly where you would build your new home. Now is the RIGHT time to start the process, while the communities you like still have availability and the interest rates are still low.

Connect with us to learn all about new home financing, our proven process, and how you can start building your dream home today.

Home Buyers Want to Reconnect with the Outdoors

The pandemic is moving into its third year. Whether we want to admit it, or not, it has changed our lives – how we live and probably how we will continue to live. “Normal” will never be what it was pre-2019.But that’s not necessarily a bad thing. Millions of folks have discovered they can work from home and aren’t tied to a geographical area defined where their job is located. Rarely used guest rooms and formal dining rooms are being transformed into home offices and “Zoom rooms”.

“Fresh Air is Intoxicating”

Another effect of spending more time at home almost 24/7, folks crave being outside even more than we ever have before. Last year The Washington Post noted that “any outdoor space is more highly prized than ever”. The outdoor fever is just as rampant here at home in Tennessee. The Tennessean, in their August 2021 issue reported that waterfront properties are spending less than 24 hours on the market.

Bringing the Outdoors into our Homes

Core Homes attended the Southeast Builders Conference in Orlando this past summer. One seminar entirely focused on the demand for home plans that effortlessly and beautifully reconnect home buyers to the outdoors – inside and outside of their home. This ranges from a bank of windows that bathe the main living area with natural sunlight to a wall of retractable glass doors that open to expand the living area into the outdoor kitchen and fireplace on the covered deck. Wow!

Covered and screened decks, outdoor fireplaces, fire pits, multiple outdoor living spaces spanning the entire rear of the home – all of these are moving up on the list of home buyers’ “must-have” items.

Core Homes Signature Communities

While all of Core Homes‘s communities feature larger-than-usual homesites and popular amenities, Core’s Signature Communities are designed and planned to take maximum advantage of the natural surroundings. 5-acre wooded tracts, some on the waterfront, will be offered at the Wind River community in Harrison starting this summer. Planned amenities include boat slips, pool and cabana, fire pit pavilion, green space park, and walking trails.

Our River Breeze community in Soddy Daisy has river bluff home sites available. The coastal-style vibe includes a community dock with boat slips, a sundeck, and gas lanterns for every home. Imagine walking this neighborhood at sunset!

Spending more time at home at work and at play is the new normal. Core Homes is designing their communities and homes to bring the outdoors into homes, naturally.

More Communities for Core in 2022

Core Homes is excited to announce we are expanding into more new communities in Harrison, Apison, and Ooltewah confirming our commitment to the area we call home by providing buyers with great new homes that reflect home buyers desire for elevated and lifestyle-centric spaces Plans are still being finalized, but we expect to begin building in two new communities and two new phases in existing communities which will represent our largest expansion effort to date.

Economic growth = more new homes and more new communities in Hamilton County

We love it here. Chattanooga and the surrounding areas are experiencing the kind of growth that will positively affect our community for generations. NoogaToday reports that 12 companies in Chattanooga + the surrounding area rank among the fastest-growing private companies in the nation, according to the 2021 Inc. 5000 list. More recently, Chattanooga was featured in Garden & Gun magazine. The writer called us the “Emerald City for outdoor adventure”. It’s easy to see why we are proud to be “Chattanooga’s Home Builder”.

New Communities – Harrison and Ooltewah, TN

Two new communities are on the drawing board for Core’s home buyers. 
In the Summer of 2022, Wind River will join River Breeze as a Core Signature Community. Located off Birchwood Pike in Harrison, TN, Wind River will offer 5-acre tracts – some on a bluff overlooking the Tennessee River.

One-acre plus home sites will also be available. Each home will include a boat slip on private community docks. A pool and cabana, fire pit pavilion, walking trails, and a park green space are planned as well. Elevated living at its finest! Keep checking HomeLifebyCore.com for updates on this community.

Still in the planning stages, Core plans on offering condo homes in Ooltewah. More information will be coming later in the year on this project.

New Phases Now Selling

Hawks Landing Phase III in Apison is proving to be very popular! We are already 50% sold out. What an incredible community! A pool and clubhouse, playground, and walking trail, not to mention great schools make Hawks Landing much sought after with our home buyers. Six Designer Selected homes are underway and available. Many still have an option to make some interior selections.

The Lake Breeze community in Harrison has just opened Phase III for sales. Several Designer Selected homes are planned and several home sites with incredible views are available for semi-custom builds.The community has a pool and green space, plus a boat ramp is available less than a mile away.

Core Homes is growing right along with the Chattanooga area. It’s a wonderful time to live in the Scenic City and to call it home.