2. Mortgage Financing:
Cedar Knoll Builders is committed to helping with the financial home buying process. The average mortgage process takes approximately 4 or more weeks to complete, below is an outline of the stages of the mortgage loan process:
- Application Pre-Qualification:
- Processing:
- Underwriting:
- Closing:
Please bring all items listed on the loan application checklist (see below) to this meeting. Meet with your lender’s representative to complete application. They will review your application in terms of income, debt, loan to value, etc. and order credit reports.
Your lender will review documentation and request any additional information. They will request an appraisal of your selected home. Some interest rates may be locked in.
Underwriter completes final review of loan package and makes the final decision or loan offer. Your processor will advise you as to whether your loan is approved, declined, or alternative financing is offered.
Your realtor will contact you to set the closing date upon approval of your loan. You will need to bring a certified check for the down payment and closing costs, and you will sign final paperwork.
Loan Application Checklist
- Present landlord or mortgage company (name, address, amount of rent or mortgage payment). If at present address less than 2 years, former address(es) to cover 2 consecutive years.
- Present employer (name, address, phone number, length of employment, position, salary, current pay stub, and W-2 forms from the last two years). If employed less than 2 years at current job, previous employer(s) and address(es) to cover 2 consecutive years. If self-employed, you will need at least two years' tax returns, all schedules, W-2 forms and current financial statements on business.
- Other qualifying income, which must be verified, such as retirement or rental income, bonuses or overtime.
- Bank accounts (last 3 months’ statements from all active accounts).
- Year, make and approximate value of automobile(s).
- Approximate value of your household and personal property.
- Open accounts: auto, notes to banks, finance companies and credit unions, retail stores (name, address, account number, monthly payment and balance).
- Face amount of each life insurance policy.
- Child support or alimony, if applicable, with documentation of amount and duration of obligation.
- Divorce decree or court order, if applicable.
- If any judgment or bankruptcy has been filed against you, details and explanation of same.
- Source of down payment/closing costs.
- A check payable to your lender to cover the estimated cost of credit report and appraisal.
3. Create Your Dream Home:
Cedar Knoll Builders offers a premier Design Center that allows you to select from samples of interior and exterior options in one convenient location. The Design Center is where you begin to make the house you are buying into the home of your dreams.
Prior to your appointment:
- We ask that you call to make an appointment through the Design Center Manager within 48 hours of signing your contract.
- Please bring samples of any fabrics you’re trying to match to the appointment.
- Your design consultant will help you finalize your interior and exterior selections.
- Please note that a closing date cannot be set until all of your interior selections are finalized.