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Transcription: Colorado Springs Mortgage
Steve Currington: This is and the Steve N Tyler Show episode number 75.
Recording: Welcome to the Steve N Tyler Show with and Tyler Whyburn.
Steve: Who negotiated the contract for you?
Tyler Wagner: A realtor.
Steve: You are pretty smart. Good for you Man.
Recording: They’re talking about everything Colorado Springs Mortgage you need to know about mortgages, home loans and more. Nobody knows mortgages like these two. Get ready because here’s Steve and Tyler.
Steve: Yo, yo. What’s happening people out there in podcast land? This is a I would say maybe a special episode because I ditched Tyler, so I don’t have to worry about this anymore.
Recording: Tyler, are you awake? Wake up Tyler.
No more are you awake? Wake up Tyler. Hey, but today we’re talking about Tulsa mortgage and well actually focus — do you know we’re in Colorado Springs? Colorado Springs mortgage has become a big deal out there, we do some loans. But we’re talking about buying a home from a builder or developer. Somebody that has floor plans and is building a neighborhood or developing a neighborhood versus doing what they call a custom.
As it pertains to your financing, whether it would be better to build — to buy from a builder that is developing an entire neighborhood or if you’d want to buy from somebody, or have a custom home built. You understand the difference. Some builders will go in and develop a neighborhood and they will have 17 lots that are in this particular neighborhood, and they’ll have six or seven-floor plans to choose from. Hello Javier on Facebook Live.
They’ll have all these different floor plans you Colorado Springs Mortgage can choose from. Then doing a custom is where you actually draw up the plans with the builder with an architect and build your own house exactly like you want it all the way down to how many square feet you want the linen closet. Really as it pertains to the financing side of that, we’re just going to talk a little bit about what the difference of that is. Okay? It’s not crazy different except for time and how you get the financing really. Because if you go to a builder that is building 15 different floor plans or 24 floor plans or whatever they already have lots picked out. You go pick your lot, pick your floor plan.
In that situation, the Builder is typically going to do the construction of the house. They’re going to pay for what it costs for them to build the house. They’re going to do their own construction loans or they are going to build with cash, or they’re going to do it, however, they do it. Then you’re going to come in as a buyer when the house is complete and you’re going to buy the house on your own with your own loan. In that case, you’re not getting your own construction Colorado Springs Mortgage loan, you’re not having to do draws on the construction loan, you’re not doing that. they’re really just building it to the specifications of the floor plan that they have.
That can be good because one reason is timing because they might already have a floor plan that is either in the process of being built or built that you like. Since they build the same floor plans all the time, they can build the house you want in the floor plan with a couple different — of the changes maybe that you want done quicker than you can with the custom. On a custom, you’re managing it more. Your builder is going to want you to go purchase the lot, your builder is going to want you to get the construction loan, that your builder is going to — you’re going to have drawers and you’re going to have very specific things that happen where when you’re building in a neighborhood with the Builder that’s building lots of houses and having you pick a floor plan, it just works a little bit differently because they do it every day. They build the same floor plans that can make  it quicker and easier, or faster to get your house built.
That’s a how that works when it comes to building what we would call in a development versus doing a custom. Let’s see what the book says, like we talked about before. Those of you that are on Facebook Live right now, we use a — it’s a book that we’ve downloaded that goes through — it’s like mortgage one-on-one. It gives you the breakdown by chapter. It gives us some good talking points but we found in the past is, if you listen to any of our podcast before, we found that it doesn’t exactly always come out accurate. It’s not always the most accurate information.
The reason I say that is if you’re out there listening or watching on Facebook Live, there’s a lot of information that’s available on the internet that is inaccurate. Because there’s some guy not as cool as maybe that wrote it and people are wrong sometimes. Let’s see what the book says and then I’ll verify, clarify or tell you that they’re absolutely wrong. This is starting from scratch allows you to build your own home exactly the way you want it. We talked about that doing a custom down to the linen closet. When Colorado Springs Mortgage you buy a home from a builder on a new development, you typically choose from different home styles, on several different lot sizes. Then you pick out your carpet, your tile, your wallpaper or whatever else from their database of offering.
Also building from scratch, as I mentioned before, will take a little bit longer because it’s a custom. You got to hey Tyler jumped on Facebook Live. Hey, Tyler why burn one up? Because Tyler’s not on the show today and we’re going to remember this. Okay? I said it’s episode number 75. You’re going to remember that we — this is where we ditched Tyler. [laughs] Then if you’re listening right now.