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The
following sections provide an
overview of the mortgage process:
Once you have completed the paperwork
to purchase your new home, you
will need to select a lender to
finance the home. Your New Home
Specialist will provide you with
the names of several Banks and
Mortgage Brokers in the area that
have a working relationship with
Perry Hall Homes. It is recommended
that you call or visit several
different lenders to find the
company with the best interest
rate and closing costs. Some lenders
may offer specialty loan programs
not available to other Lenders
in the area.
This is perhaps the most important
part of the mortgage process.
During this process the lender
that you have selected will ask
for information pertaining to
your income, assets and liabilities.
Once this information has been
collected your lender will recommend
a loan program that best fits
your financial needs. Prior to
loan application you will need
to determine the amount of down
payment you will be making towards
your new home and collect the
following documents that should
be brought with you when you make
loan application:
- Most recent paycheck stubs
for each borrower covering
the most recent thirty-day
period.
- Most recent two years W-2's
and/or 1099's for each borrower.
- Two months of the most
current and consecutive banks/investment/
retirement statements for
all your accounts.
- If self-employed you will
need to bring in the most
recent two years' tax returns
and copies of 1040's, W-2's,
1099's and or K-1 for each
borrower. You will also need
a year-to-date profit and
loss statement.
A credit report will be obtained
as part of the loan application
process. The credit report will
show your payment history, credit
limits, monthly payments and current
balances.
Your lender will verify the information
disclosed on your initial loan
application (i.e. income, assets
and liabilities).
Your lender will order a property
appraisal from a licensed real
estate appraiser on the property
in which you are purchasing. The
appraisal is done to determine
the value on the property being
purchased and your loan amount.
A loan decision will be issued
based on four factors - income,
assets, credit record, and property
value. An Underwriter will review
the information on your loan application
and the information collected
on your behalf. Additional information
or documentation as required by
the loan program guidelines may
be requested.
You have the opportunity to establish
an interest rate guarantee or
"lock" the interest
rate during the process up to
30 days before your closing. Keep
in mind that interest rates may
change somewhat each day. Only
you can make the decision to lock
the interest rate on your loan.
It is your responsibility to contact
your lender to determine the interest
rate and lock in your loan. Keep
in mind that interest rates can
change at any time and without
notice. Rates generally change
a little bit each day, sometimes
better - sometimes worse. Sometimes
rates can change several times
a day. If you know that the financial
markets are going through a particularly
volatile period, you may want
to check with your lender periodically
to make sure rates are at a comfortable
level.
You will need to obtain homeowner's
insurance with a carrier of your
choice. This information must
be provided to your lender prior
to closing so that your lender
has proof that the home will be
insured.
A buyer orientation of your new
home will be scheduled before
closing to make sure it is ready
for you and to make sure that
any items in the home that need
to be corrected are taken care
of prior to the closing.
A re-walk of the home may be necessary
prior to closing to inspect any
items that had previously been
corrected.
Your lender and a closing coordinator
from Perry Hall Homes will work
to establish a firm closing date
and time that will work with your
schedule.
Your lender will go over the settlement
charges so that you will know
how much money to bring to closing.
In most cases an amount owed over
$1,500 will require payment in
the form of a certified check
or cashier's check. Your certified
check or cashier's check must
be made out to the Title Company
where the closing is going to
occur. If the amount owed at closing
is less than $1,500 then a personal
check may be accepted.
The closing will occur at a local
Title Company that Perry Hall
Homes has selected. Your New Home
Specialist from Perry Hall Homes
will be able to provide you with
driving directions to the Title
Company.
You will need to bring your certified
check or cashier's check made
out to the Title Company and a
valid identification to closing.
At closing you will sign all of
the necessary paperwork to transfer
the home from Perry Hall Homes
into your name. Any questions
that you have about your loan
or the paperwork that you are
signing can be answered by your
lender or the escrow officer closing
the transaction.
 Customer
Service Evaluation |
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Customer satisfaction is very
important to us. You will be asked
to fill out a customer service
evaluation regarding your buying
experience. This information is
used to refine our systems, processes,
and employee training programs.
Please give us your input to help
us in our continuous effort to
improve our customer satisfaction.
Congratulations!
You are now a homeowner! |
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