Embarking on your home construction journey begins with a structured and efficient process.
Here's how we at Lifestyle Home Lending streamline each step for you:
1. Get Pre-Qualified: Contact us to start your journey. Our licensed loan officers will guide you through submitting your mortgage application, including credit checks, income verification, and the required documentation needed to get you on your home financing journey. Once submitted, you'll receive a pre-qualification letter, marking the beginning of your home-building adventure.
2. Verification Process: Choose your lot, floor plan, and structural options with your builder. Remember, each builder's process may vary. You'll provide earnest money and essential documents reflecting your choices. We'll verify these to ensure your loan aligns perfectly with your needs.
3. Approval for Construction: After verifying your initial selections, we'll issue an approval for construction, setting the maximum qualified sales price. This approval allows your builder to proceed with construction.
4. Make Design Selections: During the approval process, you'll have design center appointments to personalize your home. After finalizing your selections, we'll receive the final sales price and move forward accordingly.
5. Updated Documents: Once we have the final price and plans from your builder, expect to receive updated documents from us. We may also need some updated items from you, but we will clearly communicate what’s required. This step typically takes three to four weeks after your final selection appointment.
6. Time to Get Building: Construction begins once your builder secures the necessary permits and inspections. It's exciting to see your dream home start to take shape! We’ll provide you with a “do’s and don’ts” regarding your finances while your home is being built. Now is not the time to buy a car or incur any additional debt that could jeopardize your eligibility.
7. Processing & Underwriting: Approximately 60 days before completion, we'll request updated income and asset documentation to issue your final loan approval, often coinciding with interior installations like trim and cabinets.
8. Lock Details Confirmed: Discuss interest rate options with your lender and provide any additional documents required. Your lender will also order an appraisal based on the builder's plans and specs.
9. Initial Closing Package: After verifying your documents, we move to the final approval process. You'll receive the Closing Disclosure for review and signature at least three days before closing. The lender’s attorney then prepares the closing documents, ensuring everything aligns for a seamless transaction.
10. Final Walk-Through: A final inspection ensures the home is built to plan and specifications, usually conducted within 72 hours of closing.
11. Closing Table: The closing process occurs at the title company’s office. Here, you'll sign the final documents and provide closing funds.
12. Welcome Home: Post-signing, the lender funds the loan, and it's time to pick up your keys. Congratulations on your new home!
Each step of this process is designed to be clear, action-oriented, and focused on making your home-building experience as smooth and enjoyable as possible. If you have any questions or need clarification, don't hesitate to reach out. Welcome to the exciting journey of creating your dream home!