Financing Your New Home

Home Builder in Durham NC Level Homes

“What types of information will I need to purchase a new home?”

Financing:

Submitting your pre-qualification application first will give you the confidence to go out and find the home of your dreams. First you will need to fill out a Pre-Qualification Application:

Download an application from your Mortgage Lender or request an application from your Level Homes New Home Sales Counselor.

What you will need for Pre-Qualification:

  • Last two months’ bank statements
  • Last month of pay stubs
  • Copy of current driver’s license
  • Last two years of W-2s

Financing Terms:

Credit Report: A report from an independent credit-rating service listing a person’s current obligations to creditors. The credit report shows how much is owed, as well as whether payments were generally made on time.

Debt-to-Income Ratio: This ratio, expressed as a percentage, is derived by dividing housing expenses by gross monthly income. This is a tool used in the loan qualification process by the lender.

Down Payment: The buyer pays this portion of the price before moving in. This is usually paid at closing and is a percentage of the home’s total purchase price.

Interest Rate: The cost of borrowing, expressed as an annual percentage of the principal. The loan consultant will be able to provide you with the latest rates available.

Pre-Qualification: Another name for mortgage analysis. This will provide you with a preliminary view of your ability to obtain a loan.

 Lock: Lender’s guarantee that the mortgage rate quoted will be good for a specific number of days from application.

Mortgage Insurance: Money paid to insure the mortgage when the down payment is less than 20% of the purchase price.

Origination Fee: The fee charged by a lender computed as a percentage of the loan’s face value.

Truth-in-Lending: A federal law requiring disclosure of the annual percentage rate (APR) to homebuyers shortly after they apply for a loan. Also known as Regulation Z.

Underwriting: The decision whether to make a loan to a potential homebuyer based on credit, employment, assets and other factors. They also match the risk of making a loan to an appropriate rate and term or loan amount.

Contact home builder in Durham NC, Level Homes, for additional questions concerning the finance of your new home!

Have Questions? Ask Us

I’m here to help you in any way possible. Here are just a few ways:

  • I can answer Financing questions.
  • Provide info on our building process.
  • Connect you with our Sales team.
  • Talk more about Level Homes.
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When my husband and I started looking for a new house, we were blown away by the quality and value Level Homes offered. From start to finish, the team worked with us to ensure we ended up with our dream home. We couldn’t have asked for a more professional, hardworking and kind group of people to help us navigate the building process. - Courtney Tidwell
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