Once you have found your perfect home it is time to finalize the purchase with an Earnest Money Contract (EMC). The EMC is the written agreement between you and Stylecraft Builders that specifies the exact home, purchase price and any other conditions agreed to. You will need to have your earnest money at the time you sign the contract. Earnest money varies depending on the neighborhood, type of home and financing. A personal check or money order will work. Your Stylecraft sales consultant will go through the EMC with you and answer any specific questions you have.
After you complete your EMC, a copy is sent to the mortgage company. They will then begin what is known as “processing” your mortgage. Your mortgage company will ask you for all the information they need to finalize your mortgage and get the final full approval.
It usually takes a minimum of thirty days from contract to move in on a completed home. Depending on the stage of construction or if you are starting a home from scratch you may be able to choose cabinets, paint colors and flooring options. Again, your sales consultant will let you know what items are available for you to personalize.
As soon as your new home is complete and the mortgage paperwork finalized our staff will set up your closing. Closing is done at a title company with our closing agent. That is where you will get the keys to your new home as soon you sign the necessary documents.
More Information:
What to do and not do while your loan is processed.
DO keep your original paycheck stubs, bank statements and all other important documents. We are required to update any documents that are 30 days or more old prior to the closing of your loan. This is required even if your loan is approved.
DO provide your loan officer with all documents from the sale of your current home (i.e. sales contract, closing statement, employerrelocation/buyout program).
DO notify your loan officer and/or loan processor if you plan to receive any gift funds.
DO notify your loan officer and/or loan processor of any employment changes (i.e. pay raise/promotion, transfer, change of pay status such as salary to commission scale, complete change of employer etc.)
DON’T change jobs or employer without asking your loan officer about the impact the change would have on the approval/re-approval of your mortgage loan.
DON’T make any major purchases during or prior to closing even if it lowers your monthly payments (i.e. new car, furniture, appliances, electronics, etc.). This WILL impact your qualification ratios and jeopardize your home purchase. Please talk with your loan officer or loan processor to calculate what your ratios would be with any additional debts.
DON’T obtain and /or deposit large sums of money other than normal payroll without notifying your loan officer or loan processor. FNMA/HUD guidelines require documentations as to the source of the funds (i.e. copy of bonus check, copy of tax return, copy of insurance settlement, gift letter with copy of check and deposit slips, etc.).
DON’T open, close or transfer any asset accounts without inquiring about the proper documentation required for your loan file (i.e. if you transfer all of the funds in your stock account to your savings account, documentation is required).
DON’T open or increase any liabilities, including credit cards, signature loans, etc., during your loan process. Please make sure to check with your loan officer or loan processor for any documentation that will be required and what impact this would have on your qualification ratios.
GlossaryBack to Top