Mortgage financing of a new Tim Lewis Communities home requires a unique relationship between you the lender and us. We do everything possible to ensure your mortgage financing is smooth and effortless by answering your questions and staying in touch with your mortgage company to make sure everything is progressing according to schedule. The following sections provide an overview of the mortgage process:
A preapproval letter tells you that the mortgage company you’ve selected will lend you a certain amount of money to buy a home. By getting pre-approved before your home is built you will have a good idea of what you can add to your home without straining your budget.
Prior to applying for a loan you will need to determine the amount of down payment you will be making towards your new home. During the application process your mortgage representative will ask for information about your income assets and liabilities. Once this information has been collected your mortgage representative will recommend a loan program that best fits your financial needs.
Every loan application requires a credit report from a company that maintains records on your past credit history and how much you currently owe. The credit report details your payment history including late or missed payments; credit limits; monthly payments; and current balances. Your mortgage lender will disclose this information to you. If there are errors in the report you have the right to dispute or explain any items with the company that supplies the information.
The mortgage company verifies the information (i.e. income assets and liabilities) disclosed on your initial loan application is correct.
Once your Tim Lewis Communities home is near completion your mortgage company will order a property appraisal to determine that the value of the home you are purchasing matches or exceeds your loan amount.
Mortgage companies use four factors to determine whether or not to provide a mortgage loan: income assets credit record and property value. An underwriter will review the information on your loan application your credit record and other information collected on your behalf.
You have the opportunity to establish an interest rate guarantee or “lock” any time up to ten days before your closing. Keep in mind that interest rates may change somewhat each day. Only you can make the decision when and if you want to lock the interest rate on your loan.
As your home nears completion Tim Lewis Communities will coordinate a firm closing date and time with you. You will also be contacted by your sales agent to come in and sign the final addendum to your sales contract. The final addendum shows the original purchase price any structural electrical and design center options you have selected along with all of your deposits. Review this document carefully because your loan documents will be drawn from the final addendum.
In the pre-closing orientation you will go through your home with your warranty representative documenting final touch ups to be done before move in. At this point your title company will set up an appointment for you to come in and sign your documents; this is usually the same day as your first walk. The title company will then send the loan package back to the lender to fund the loan.
There are a few things you’ll need to do before you close on your new home. First you’ll need to obtain homeowner’s insurance with a carrier of your choice. This information must be provided within 72 hours of closing. Second a mortgage representative will provide you with the amount you need to bring to your closing appointment. Funds needed for closing must be in the form of a certified or cashier’s check.
During your closing appointment a title officer will go over the settlement charges with you and have you and anyone else who will appear on the home’s title sign the mortgage note and other applicable closing documents.
Your home is ready for move in! It is your responsibility to sign all loan documents at your title company on or before your pre-closing orientation. Once we receive notification that your loan has funded and recorded at the county recorders office you will be notified by your community sales manager and will receive the keys to your new home.
Congratulations! You are now a member of the Tim Lewis Communities family of homeowners!