It is important to us that all of our home buyers have a good experience when purchasing one of our high-quality custom homes. Buying one of our homes should not be a stressful experience, and we are dedicated to doing everything we can to make your home buying experience with us the best that it can be.
We do our part to ensure that the completion dates we give to our home buyers are accurate. Barring any unforeseen complications, your home will be completed on time and as promised. This way, you will be able to time your preparations and set an appropriate closing date. This is just one of the ways that we help our home buyers to have an easy close and a pleasant home buying experience overall. There are, however, a few things that our home buyers can do before closing day to enhance their own buying experience.
Financing your Affordable Florida Home
When it comes time to obtain financing for your new home, there are many choices available to you. Most banks have a mortgage specialist on staff to help you explore your finance options. If you have a good working relationship with your bank and plan to finance your home through that financial institution, then speaking with a mortgage specialist there is the best thing to do.
However, it is sometimes better to seek a mortgage specialist outside your bank. The reason for this is that a mortgage specialist looks at loan terms from several different lenders in order to find the best mortgage with the lowest points and interest rates. Sometimes this “shopping around” for the best loan can save you a great deal of money.
Steps to take after you find a lender and/or mortgage specialist
After deciding on a mortgage specialist, you will need to obtain a Good Faith Estimate of closing costs. This is important because you need to know how much money you will actually need from your lender on closing day. It is also important to get a rate lock guarantee from your chosen lender so the interest rate you originally agree upon does not increase by closing time.
Carefully discuss all of your loan options with your mortgage specialist. You may think that a traditional 30-year fixed rate mortgage is the best type of loan because it is the most common. But that is not always the case. Depending on your income and how long you plan to live in your home, this type of loan may or may not be right for you. You may be better off with a variable rate or interest only loan, especially if you do not plan to live in your new home for more than five years. There is no one type of loan that is right for every buyer. You will need to carefully examine your individual situation before deciding on the loan type that is best for you.
Preparing your documentation in advance
There are several documents that almost all mortgage specialists and lenders will request. If you have this documentation put together ahead of time, you will greatly increase the speed and ease of your loan approval.
In most cases, the first thing you will be asked to submit is verification of income. To do this, you will need the previous year’s W-2 form, one month of bank statements, and your most recent pay-stub that shows a year-to-date income. A lender can verify income by contacting your present employer, but this often slows down your application process. You will also need to submit a copy of your AFHI sales contract.
Insuring your Affordable Florida Home
Before you can close on your home loan, you will need to provide proof that your new property is insured. If your current automobile insurance carrier also offers homeowner’s insurance, you should check with that company first. Many agencies offer multiple-policy discounts, and will write new policies for existing customers (even during the height of hurricane season) that they wouldn’t write for new customers.
If you don’t have an existing insurance provider that also offers homeowners insurance, give yourself plenty of time before your closing date to find an insurance company that will offer the best policy for you. This is not an area where you want to wait until the last minute. Finding insurance should be one of your top priorities because without it, you can’t close on your new home loan.
Stay informed throughout the process
Keep in touch with your AFHI representative, lender and/or mortgage specialist, and your insurance company throughout the closing process. We are here to help you throughout this process, but when it comes to having an easy closing it is imperative that our buyers do their part in preventing any unpleasant closing day surprises. Remember, the home buyer who is informed and well-prepared has the best chance of achieving a stress-free closing.
