How do I inquire about my loan?
To obtain your mortgage, the first item you’ll need to take care of is the selection of a lender and completion of a mortgage application. Take the completed purchase agreement with you when you first visit your lender. If you do not have a lender, we will be pleased to recommend several lenders who are familiar with our developments, and who can offer extended interest rate caps.
Your lender’s job is to understand your particular financial circumstances completely. You will review all information on the application at your meeting with the loan officer. A situation rarely arises that your loan officer has not encountered in the past. Do not hesitate to discuss any questions you have regarding your assets, income, or credit. By providing complete information, you prevent delays or extra trips to deliver documents.
When will my home be complete?
The delivery date for your new home begins as an estimate. Until the roof is on and the structure is enclosed, weather can dramatically affect the delivery date. Even after the home itself is past the potential for weather-related delays, weather can severely impact installation of utility services, final grading, and concrete flatwork, to mention a few examples. Extended periods of wet weather or freezing temperatures bring work to a stop in the entire region. When favorable conditions return, the trade’s people go back to work, picking up where they left off. Please understand that they are as eager as you are to get caught up and to see progress on your home.
Is real estate still a safe investment
Yes, real estate is a solid, tangible investment with many benefits, which include: annual income tax deduction opportunities related to interest on mortgages, real estate taxes paid and home improvements; capital gain opportunity and upside appreciation. Consult your real estate broker and CPA for more specific details.
Do you work with my lender?
Yes. We will work with any lender a purchaser desires us to deal with, provided they can approve financing in a new construction/rehab environment regardless of the number of units sold/closed. We also establish lenders who have preapproved each project for convenience and ease in securing financing should a purchaser want to work with our lender.
How much money do I need to put down?
While each purchaser and scenario is different, the general rule of thumb these days requires buyers to put down between 10%-20% and have a solid credit history and scores.
When can I close on my new home?
Once we have completed construction on your home and established a punch-list, buyers are permitted to close.
When am I responsible for paying the real estate taxes?
Once you close on your new home, as a general rule, you are responsible for the real estate taxes assessed from that day forward. However, often times there will be a proration agreement with the developer