How Does Financing and Earnest Money Work on a New Build Home?

In this video we cover how financing and earnest money work when building a new home.

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So, you've decided to build a brand new home... that's great! Now you need to understand how the financial process of a new build home works. In this video Lisa Palladino explains financing, including prequalification, conditional loan approval, earnest money, and final loan approval as well as some common questions.

🕒 Timestamps:

1:04 Builder Contracts
2:00 Prequalification Letter
2:47 Conditional Loan Approval and Earnest Money
4:09 Final Loan Approval/The Drywall Phase
5:25 Common Questions

💥 You may also find value in this video about the new build pricing formula💥

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[sabugdalantx]

I know Earnest Money will be used at closure, can I use it for upgrade?

[stockdetective]

Can someone sign a contract and pay the earnest prior to being prequalified?