Home Buying Guide
Q: How long do I have to get a loan approval?
A: Preliminary loan approval is 5 business days following effective date of contract.
Q: If I don’t get an initial approval, is my deposit refundable?
A: Yes, as long as you notify us within 3 days of your loan denial.
Q: How much is the Construction Deposit?
A: $1500 if you used our preferred lender or $3000 if you choose to use a different lender.
Q: Do I get keys at closing?
A: Keys will be given to you once funding has been completed. Funding typically occurs 24 to 48 hours after closing.
Be sure to follow the DO’s and avoid the DON’Ts of Home Financing:
- DO save all bank statements, pay stubs, W2’s, etc.
- DO make on-time payments for all credit cards, loans, rentals, etc.
- DO save money for deposits and down payments.
- DO keep current employment and income sources.
- DO notify your lender immediately of changes to income sources (salary and other compensation).
- DO provide lender your homeowner’s insurance agent name and contact information.
- DO read all correspondence from your lender and inform them of any changes to your personal information.
- DO save all documentation of large or significant deposits into your bank accounts.
- DO make sure that all earnest money is from an acceptable source (savings or checking account, 401K, etc).
- DO ask questions about anything you feel is unclear.
- DON’T quit or change your employment or income sources.
- DON’T make any major purchases (new car, appliances, furniture, etc).
- DON’T apply for new credit, “same-day” loans, etc.
- DON’T make any late payments on your existing credit accounts or mortgage.
- DON’T max out or over-charge your credit cards.
- DON’T write any insufficient funds checks (NSF).
- DON’T transfer large balances between accounts.
- DON’T make any large or significant deposits to your checking or savings accounts.
- DON’T co-sign for another person for a loan or line or credit.
- DON’T dispute or pay off any credit lines, loans, or collections without first consulting your lender.