NVRM Flipping Book

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YOUR ROADMAP TO HOME FINANCING

Congratulations! Congratulations on your new home purchase! We look forward to the opportunity to work with you to achieve your new home financing goals.

Completing Your Loan Application For a quick loan decision, provide all requested documents to your Loan Officer (LO) prior to or at your loan application meeting and be prepared to make a payment for your property appraisal. Also discuss your rate lock options and strategies with your LO.

Submitting for Loan Approval Once you have provided all

necessary documents, your LO will submit your loan application to our underwriting team to make a decision.

Your Home Is Being Built Your homebuilder will let you know once they break ground on your home. They will also update your LO, who will contact you to discuss interest rates and lock options, if you have not already locked in your rate. They will also discuss our Hybrid eClosing option, if available, which can reduce the time spent at the closing table.

Getting the Approval Call! Your LO and Loan Processor (LP) will reach out to you when your loan is approved to review the required documents, answer any questions and explain next steps. Throughout the process it is important to let your LP know of any changes in employment, income, credit and/or source of down payment, as they can affect your loan approval.

Meet Your Settlement Agent NVR Settlement Services or our preferred partner will introduce themselves and begin the title examination and settlement preparation process.

8 Prepare for Your Closing Within 3 to 10 days prior to closing, your LO will email you the Closing Disclosure, which provides the exact amount for you to wire to the Settlement Agent handling your closing. A re-verification of employment will be completed within 10 days of your closing.

It’s Closing Time!

The Settlement Agent handling your closing will meet with you to sign your closing paperwork and give you your keys! Congratulations and Welcome Home!

Update Your Documents for Final Approval Your credit will be refreshed and appraisal ordered. All outstanding documentation, including updated asset and income statements, may be requested for the final submission to underwriting. You can finalize your homeowner’s insurance and provide a paid policy to your LP as we prepare for settlement—your homebuilder will email you your scheduled date and location for closing.

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The Do’s and Don’ts of the Mortgage Process

CREDIT & NEW DEBT • DO: Discuss any credit opportunities with your Loan Officer, prior to taking on additional debt or closing out active accounts. • DON’T: Apply for any new credit, such as automobile or personal loans, or credit cards before discussing with your Loan Officer. Rates and programs are determined by your credit score, and a drop in score could change the options available to you OR jeopardize your approval. EMPLOYMENT CHANGES • DO: Discuss any changes in employment with your Loan Officer, prior to making any final employment decisions. • DON’T: Abruptly change employment, or leave your employer, without first discussing with your Loan Officer (this also applies any changes in pay structure). INSUFFICIENT FUNDS • DO: Maintain positive balances in all asset accounts. • DON’T: Overdraft funds, as this can indicate poor money management, even if you have overdraft protection. EXIT PROPERTY • DO: Provide your ratified sales contract and Closing Disclosure (or Rental Agreement when applicable) on your current property to your Loan Officer upon execution. FINANCIAL STATEMENTS • DO: Provide income and asset statements upon request by your Loan Officer throughout the process. • DON’T: Withhold documentation as this could delay your loan approval or settlement. LARGE DEPOSITS • DO: Provide documentation for any large deposits outside of your payroll. Keep copies of all checks, bills of sale, and any additional documentation necessary. • DON’T: Deposit cash or any large funds without associated documentation. LIQUIDATING ASSETS • DO: Provide documentation of any liquidation of 401K, stock accounts, CDs, no later than 45 days prior to closing. • DON’T: Wait until days before closing to complete any liquidation, as this will delay settlement. GIFTS • DO: Discuss any gifts with your Loan Officer, prior to acceptance, to ensure the gift is appropriately documented and verified as an acceptable donor. • DON’T: Accept any cash gifts.

The financing of your new construction home presents a thorough analysis of personal finances during the building process. Ongoing conversations with your Loan Officer along with these simples steps, will ensure an easier home buying experience.

For more information, contact your NVR Mortgage Loan Officer. NVR Mortgage Finance, Inc. NMLS ID# 1127

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