Financing can be one of the most mysterious and intimidating parts about buying a new home, but it doesn’t have to be. We have partnered with three local, experienced, and best-in-class lenders to ensure our homebuyers have a positive financing experience from pre-qualification to closing and beyond. Since each is intimately familiar with our process (and we with theirs), the benefits of working with one of our preferred lenders abound: you can rest assured that they’ll make it to the closing table on time and that they know how to navigate the unique attributes of financing a new home build.
Jan Lacey of Kirkpatrick Bank has worked with us for more than 18 years, and Stephanie Dombrowski of Ent Federal Credit Union and Shannon Scott of Community Bank Mortgage have both been Preferred Lenders for over three years. Each woman is uniquely qualified and passionate about her profession, so we chatted with them to learn more about the current lending environment, process, and why working with a Preferred Lender is beneficial. Here’s what they had to say.
Why work with a preferred lender?
“It’s beneficial as we are very familiar with the process, fees, HOA, and communities that Keller represents and can best inform our buyers of the process and what to expect when purchasing a Keller Home from the financial side of things. We have a proven track record of strong communication with borrowers and Keller Homes, and most importantly - not missing closing dates for any reason.” - Stephanie Dombrowski
“The mortgage process can be overwhelming and as a preferred lender it is my job to make the process smooth for the buyer but also for Keller Homes and their staff. I know their systems and their time frames and it eases the stress for all parties.” - Shannon Scott
“Preferred lenders work closely with the builder, both have learned and developed streamlined processes and procedures to help get the buyer through the loan process with less stress. Knowing what the builder expects and visa-versa creates less confusion and less work for the buyer. The familiar (not financial) relationship and close communication between the lender and the seller contribute to a less stressful and smoother closing. Successful transactions create trust in the lender and therefore, confidence for the builder to refer their buyers to their preferred lenders.” - Jan Lacey
Is now a good time to finance a new home?
“This is great time to purchase a new home. Interest rates are at historically low levels and as you know could shift the other direction at any given moment. Housing prices in Colorado Springs continue to rise so locking in your price now is very beneficial and as the buyer is building they get to take advantage of the rising values. Inventory for existing homes are also very low leaving buyers to navigate to building a home.” - Shannon Scott
What is the process to obtain a new home loan?
“The buyer starts the process by submitting a loan application. This is typically done online to allow buyers to do this at their own time and with their paperwork and information handy to them. This step can also be completed by phone or in person.
Then, a credit report is pulled for purposes of evaluation their loan worthiness. A tri-merge report is ordered to provide a FICO score, current debt balances and monthly payments and will let the lender know if there are any outstanding collections, liens or bankruptcies. Title work is ordered on the property and helps to determine if there is a lien on the subject property.
The most important step is to verify all income, assets and employment information on the borrower(s). Towards the end of the process an appraisal, homeowner’s property insurance and home inspections may be required, ordered and verified.
When the file has enough documentation and information to verify the information submitted, the file will be submitted to an underwriter to review and sign off that it meets all the guidelines and requirements for loan approval. A closing date/time is set with the title company to sign and record all of the final and legal documentation for the home loan purchase.” - Jan Lacey
How can buyers best prepare to meet with you?
“I will let buyers know what they need for income documents, so I think the best way to be prepared is to know where your comfort lies. Whether that means what payment you are comfortable with or how much money you have available for down payment. Reviewing your budget and knowing what you’d like to commit to monthly in housing payment is a great start.” - Stephanie Dombrowski
What makes your approach or process unique?
“Our approach to each transaction is to make sure that we offer the best service to our customers and that we provide a smooth process and closing. At Kirkpatrick Bank, our team works hard to give our clients clear, credible & consistent communication and offer competitive product, program and rates. What makes us stand out is that we are dedicated to listening, communicating, educating and serving our customers during the entire process and even after the closing. Trust is the most important element you can have when helping clients with one of the most emotional and largest financial investment decisions of one’s life and we know we must “earn” their trust.” - Jan Lacey
“Ent is a local company, very involved in the community and we love to help buyers achieve their financial dreams. We are committed to serving them throughout the term of their loan, not just until closing by servicing their loan. We are easy to work with and competitive in rates/fees. We are very proud of our flexible 6 month rate lock options giving peace of mind to buyers about rate, alleviating the worry about rate that a lot of people have in building a new home because of the extra time involved. I really enjoy talking to buyers throughout the process and sharing in their excitement.” - Stephanie Dombrowski
“I am in constant contact with the client throughout the process to make sure I have a pulse on any changes to their situation that may impact their ability to continue to qualify for the loan. I certainly do not want any surprises at the very end. Since this can be quite a long process in many cases for build time it is important to stay on top of things.” - Shannon Scott
Thank you to our Preferred Lending Partners for your time and input! We value your input and our relationship.