Financing Your New Home

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

Home Builder in Durham NC Level Homes

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:

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.

Click here to learn more about LH Lending and to get the pre-qualification process started!

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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