Posted by Ben Wills in Home Buying

For a first-time homebuyer financing a new home build can be intimidating. You probably have loads of questions, and before you scour the Internet and decipher which “financial pro” has all the answers, we’ve created a simple guide from our internal financing team.

Why listen to their advice? Because they really care.

Our M/I Financial, LLC (MIF) Team ensures that all your important financial questions are answered and you are put at ease during the process.

Top Financing Tips to Owning Your New M/I Home

So how do you finance a new construction home? To make your first home buying process a little easier, we have put together tips on what you should look at before purchasing a new home.

Committing to these will not only alleviate your financial burden in the future, but will also make the whole process seamless and stress-free, getting you into your new home before you know it!

New Home Exterior
  • Stick to your budget
  • Have a savings plan
  • Pay debt on time
    • Make sure you have a payment history (yes, that means tightening your belt and paying off your credit cards or car payments!)
    • Thinking of closing a credit card before you go purchase a home? STOP! Canceling your credit cards will bring your credit score down, so simply make you payments on time.
    • Consider paying off those lingering student loans, too.
    • Save for a down payment
  • Work with an experienced Mortgage Associate
    • Needs to be an advocate
    • Should work with you to save on your mortgage rate
  • Determine how much home you can afford
    • Determine your debt to income ratio and cash flow
    • Create your wish list
      • How beds and baths do you need?
      • Where do you want to live?
      • What are nice-to-haves, but not musts?
      • What is your current comfort level?
      • What could be improved?
  • Save important documents
    • W-2
    • Pay Stub
    • Any documents for down payment example car, apartment, and credit card
Couple Budgeting Together

How to Comfortably Finance Your New Construction Home

Viewing your credit score from a third-party company is great! However, when it comes to viewing your credit score on a mortgage level, it can be a very different. Mortgage level credit scores tend to be below what a third-party company shows.

With our M/I Financial Team, you will have the option for various payment methods that fit your comfort level, whether it be regarding a higher mortgage rate or what type of down payment you can afford.

Our team will also be here to help you with the pre-approval process.

Model Home Kitchen in Indianapolis, IN

Why M/I Financial?

So, why choose MIF for your financing experience for your new build home? Here are a few of the many benefits you’ll find with us.

  1. You can stretch your buying power with various incentives and options
  2. With a 96% Customer Satisfaction rate, you’re sure to love working with each member of the M/I Financial team
  3. Enjoy peace of mind while building your dream home with a Protected rate
  4. M/I Financial works closely with the builders to get in your home on time
  5. Expert staff with decades of experience makes sure your experience is effortless
  6. Because M/I Financial works closely with M/I Homes, we can lessen your stress by shortening the time between approval and construction
  7. M/I Financial puts all their focus on the buyer to make sure your experience is as tailored to you as possible
Shaking Hands

Take a breath of relief! Your new M/I Home is in good hands. We’ll be here for everything you need, and we’ll always treat you right. Learn how to apply today.



Author

Ben Wills
Ben Wills

Author

​Ben Wills is the Mortgage Branch Training Officer for M/I Financial, LLC. Ben has been in the mortgage field for over 40 years and has assisted thousands of homeowners in financing new home construction.

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