A Mortgage helps you own your own home and achieve some of your fondest dreams, such as:
- A yard for your garden, children, pets, or hot tub
- More space to entertain family and friends
- A house you can decorate and furnish as you wish
- A place to put down roots and create memories
Pre-approval allows you to plan for a home that you can afford based on your debt, income, and credit.
Once pre-approved and you know how much home you can afford, start exploring your options with your builder and agent!
PURCHASE AND SALE AGREEMENT
When you decide on the right home for you, the terms of sale are negotiated. A construction deposit may be required.
APPRAISAL AND PROPERTY INSPECTION
Once the home is finished, an appraisal is ordered and a final property inspection is conducted.
PROCESSOR’S AND UNDERWRITER’S REVIEW
A loan processor reviews the entire loan file and sends all pertinent information to an underwriter for final approval.
FINAL LOAN APPROVAL
If you have a good credit score and debt-to-income ratio, and assuming all property conditions are met, your loan will likely be approved.
Final loan and escrow documents are prepared and signed by you (the buyer) and your builder.
A wire or check for the amount of the loan is sent to the title company.
CLOSE OF ESCROW
Documents that transfer titles are recorded with the county.
CONFIRMATION OF RECORDING
The escrow company drafts a check to the builder.
ULTIMATELY THE FINAL STEP . . . .
Move into your new home!