At Caruso Homes, we believe every step of the home buying journey should be a joyful experience. Let our team be your guide to Closing Day! We’ll answer all your questions about the financing process and ensure it’s as simple and stress-free as possible.
The first step is to complete and submit a Pre-Qualification Request Form on our Preferred Lender’s website. A Loan Officer will review your financial information and pull your credit report to determine which loan programs are best for you and how much you are qualified to borrow.
You will need to provide:
**Note: Everyone’s situation is unique. Additional documentation may be required. Your Loan Officer will let you know exactly what is needed.
Once you are under contract for your new home, it is time to formally apply for financing. Your Loan Officer will process your application and let you know if there are additional documents or information needed to receive conditional approval from the underwriter. There may be conditions applied to the loan approval that need to be satisfied before closing on your loan. It is very important that any conditions be cleared in a timely manner to avoid delays in closing.
During the construction of your Caruso Home, it is important that any changes in your financial status be communicated to your Loan Officer immediately. These would include a change or loss of employment, any change to your debt situation and any life changes (marriage, divorce, etc).
**Note: During this time, it’s advised not to make any major purchases without consulting with your Loan Officer. This includes vehicles, furniture, boats or any other changes to your debt (such as opening new credit cards).
As your Caruso Home nears completion, final loan approval is needed prior to closing. This will require pulling updated credit if the current credit report has expired (credit reports are good for 120 days) and updated income and asset documents will be needed. Your Loan Officer will work with you to determine the best time to lock your mortgage rate. An appraisal and title work will be ordered by the Loan Processor. Your loan will be submitted to Underwriting for final approval and additional documentation and disclosures may be requested. Once the Underwriting department has approved all documents you will receive a “Clear to Close”.
In the days prior to settlement, you will be sent all the documentation about your loan, including the Closing Disclosure. You must review, sign and return the paperwork a minimum of three days before your settlement date. The Settlement Agent (Title Company or Closing Attorney) will provide instructions for settlement day and the total amount of money you will need to close on your home.
On the day of settlement, you will meet with your Settlement Agent to sign all the necessary documents. Closing funds need to be paid with a cashier’s check or wire transfer.
Be sure to bring the following items to closing:
Want to make sure your dream home is within budget? Use our simple mortgage calculator to estimate your monthly payment.
Disclaimer - *Results received from this calculator are designed for comparative purposes only, and accuracy is not guaranteed. This calculator does not have the ability to pre-qualify you for any loan program. Qualification for loan programs may require additional information such as credit scores and cash reserves which is not gathered in this calculator. Information such as interest rates and pricing are subject to change at any time and without notice. Additional fees such as HOA dues are not included in calculations. All information such as interest rates, taxes, insurance, PMI payments, etc. are estimates and should be used for comparison only.
You should always speak to a lender to get pre-qualified before starting your home search. The lender will analyze your credit, provide loan options that are best suited to your needs and will review all the monthly payments and funds needed to close. The loan officer can also help you review your monthly budget so you can determine what price range is a comfortable fit. Getting pre-qualified is an important first step in your journey to find your new home.
As you shop for a new home, it is important to find a lender that you can trust and one who ensures a smooth process to the finish line. At Caruso Homes we close on hundreds of homes every year, so we take care in working with lenders who have a proven track record. Our lenders offer a variety of loan programs and will help you find the mortgage that works best for you. In addition, there are many other benefits of using a preferred lender:
The benefits of using a preferred lender are more than just financial. Our preferred lenders have established relationships with Caruso Homes and our Settlement Agencies. When all three parties are working together, the transactions are seamless and your journey to home ownership is a much smoother process for all.
Our lenders offer a variety of financing programs including Conventional, FHA, VA and USDA loans. Many of our lenders offer special programs for first-time home buyers, extended rate locks and more. Your loan officer will work with you to identify the best program to meet your financial needs and long-term goals.
Interest rates come in two basic types, Fixed Rate and Adjustable Rate Mortgages (ARMs).
With a Fixed Rate Mortgage your interest rate, monthly principal and interest payment will stay the same over the life of the loan. This can offer more stability if you value certainty about your loan costs over time, however the interest rates will be higher.
Adjustable Rate Mortgages (ARMs) have a lower starting interest rate, however after an initial fixed period, the rates can increase or decrease based on the market. This can be less predictable, but can be a great option if you plan to move within the initial fixed time period or if you anticipate making a higher salary down the road. For example, a 5/1 ARM means that your interest rate would stay the same for the first 5 years. The second number, 1, indicates how often your rate will be adjusted after the fixed period ends—so you would get a new rate and new payment amount every year once the fixed 5-year period ends. There are many structures for ARMs, so be sure to discuss all the options and understand all the rules about how your payments will adjust.
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