When is the perfect time to wake up and make your dream home a reality? The answer may surprise you.
by Charles Satterfield | Staff Writer
We caught up with Chuck Cowell, Dallas Market Chairman for Guaranty Bank & Trust, to ask about the economy and trends in lending.
GLF: When we last spoke, you were upbeat and optimistic on the local economy. Do you still have the same level of optimism?
Chuck: When people feel secure about their personal finances and the future, they feel more comfortable about making major purchases such as new cars or major remodeling projects. We are seeing a number of inquiries into home improvement loans and home construction loans.
GLF: “Home construction loans” sounds like people are building dream homes or vacation homes.
Chuck: We all have ideas of how we would like to remodel, add an extra room, update the kitchen or even start seriously planning to finally live in the house we have always wanted. The calls we are fielding are people taking the first steps in making their dreams a reality.
GLF: What advice are you offering them?
Chuck: A good banker knows the builders in the area and will be able to help collect information on previous projects the builder has done. A banker knows if a builder has a history of finishing on schedule, staying on budget and whether the workmanship was sound. When you feel you have the right builder, it then becomes a matter of tailoring the financing program to your particular financial situation. By the time you have picked your builder and met with your banker to select a financing program, you will have the budget for the project.
GLF: It sounds so simple when you explain it like that.
Chuck: Well, yes and no. The process itself is simple. Once the builder, financing and budget have been established, it comes down to how the project fits into your long term goals. I had one client who went through the process every year for over a decade before finally deciding it was the right time. Today they are thrilled with their home and thankful they had someone to help them make the right decision. It all comes down to having a relationship banker you can work with. Individual needs require individual attention. Anyone having any questions can feel free to call us and talk about their situation, even if they are not clients of our bank. Relationship bankers don’t make money by selling loans. They make money by helping families, business and communities grow. If we can help, we would be glad to be of service.
For more information, contact Chuck Cowell at ccowell@gnty.com or call (972) 447-0800.