This guide is designed to give you the information you need about the home buying and mortgage process so that you can make informed decisions. Always remember, you don’t have to do it alone. Our experienced staff at Stylecraft and our featured lenders are available to answer any questions throughout the home buying process. As many of you know, this year has brought a lot of changes to the real estate market, especially to that of new construction. We ask you to visit our blog for the most up-to-date information regarding our current sales and appointment process.
As early in the home buying process as possible, you should apply to become pre-qualified with a mortgage company. The first step in this process is filling out a pre-qualification form for the mortgage company. Depending on your income and credit history, you will be “pre-qualified” for a certain purchase price.
The mortgage company uses the information you provide, along with a copy of your credit report, to estimate the amount of mortgage for which you may qualify. This is called a pre-approval, or the maximum amount the mortgage company is willing to lend, which will help guide you in determining which homes you will be able to purchase. At this point, you are ready to begin the exciting journey of selecting your new home! There is no need to bring in documentation at this stage.
It is not necessary to have a specific home or property in mind before you start the pre-approval process. Click on the link to our mortgage company’s prequalification form to get started!
Now the fun begins! Once you know how much you are pre-qualified for, it’s time to select the community and home that best meets your needs. First, browse through our various neighborhoods and take note of the location, amenities, and other factors that may influence your decision in selecting a subdivision. Next, search through the available floor plans and select a home to build, or choose one of our homes that are under construction (inventory homes). Based on your budget and preferences, our sales consultants will help guide you through the process of choosing a neighborhood and a new home.
Inventory homes are available in various stages of construction and are the best option if you need to move in a home relatively quickly. Depending on the stage of construction, you may be able to pick out interior paint, flooring and other selections. Please check with your sales consultant for specifics.
If you have the time, you can choose a lot and a home and have it built. Depending on neighborhood specifications, when you build from scratch you are able to “personalize” your home with your choice of cabinets, countertops, flooring and paint. Again, please check with your sales consultant for specifics.
Once you have found your perfect home, it is time to finalize the purchase with an Earnest Money Contract (EMC). The EMC is the written agreement between you and Stylecraft that specifies the exact home, purchase price and any other conditions agreed upon. You will need to have earnest money (a personal check or money order is acceptable) at the time you sign the contract. The amount of earnest money required varies depending on the neighborhood, type of home and financing. Your Stylecraft sales consultant will go through the EMC with you and answer any specific questions you have.
After you complete your EMC, a copy is sent to the mortgage company. They will then begin “processing” your mortgage. Your mortgage company will ask you for all the information they need to finalize your mortgage. It usually takes a minimum of thirty days from signing a contract to move in a completed home. Depending on the stage of construction, you may be able to choose cabinets, paint colors and flooring options. Again, your sales consultant will inform you of the items that are available for you to personalize. As soon as your new home is complete, and the mortgage paperwork is finalized, our staff will set up your closing. The closing is conducted at a title company with our closing agent. At this time, you will get the keys to your new home as soon you sign the necessary documents.
Once you have found your perfect home, it is time to finalize the purchase with an Earnest Money Contract (EMC). The EMC is the written agreement between you and Stylecraft that specifies the exact home, purchase price and any other conditions agreed upon. You will need to have earnest money (a personal check or money order is acceptable) at the time you sign the contract. The amount of earnest money required varies depending on the neighborhood, type of home and financing. Your Stylecraft sales consultant will go through the EMC with you and answer any specific questions you have.
After you complete your EMC, a copy is sent to the mortgage company. They will then begin “processing” your mortgage. Your mortgage company will ask you for all the information they need to finalize your mortgage. It usually takes a minimum of thirty days from signing a contract to move in a completed home. Depending on the stage of construction, you may be able to choose cabinets, paint colors and flooring options. Again, your sales consultant will inform you of the items that are available for you to personalize. As soon as your new home is complete, and the mortgage paperwork is finalized, our staff will set up your closing. The closing is conducted at a title company with our closing agent. At this time, you will get the keys to your new home as soon you sign the necessary documents.
This guide is intended to be an overview and should not substitute for professional mortgage or tax advice. Please consult your mortgage or tax professional for advice about your specific situation.
Have a question about a floor plan or community? Ready to schedule a visit? We are here to help at any stage in your new home search process whether you need a home now or just starting to look. We're here to be your personal guide.
