OWNING A HOME SHOULD COMPLIMENT YOUR LIFE, NOT COMPLICATE IT.
We get that when it comes to understanding the financing for your new single family home, it can feel downright scary. Believe it or not, you can likely afford a single family home at Basecamp SFH.
The following are common questions regarding new home financing:
Can you explain the new home buying and financing procedure in a step-by-step process?
- Get Pre-Qualified. It can take less than 20 minutes. Click here to start.
- Meet w/ our sales team. We're ready when you are!
- Choose your new home. Pick the floorplan, elevation, and lot which is perfect for you.
- Sign a contract, put down a refundable deposit. Claim your new home!
- After attorney review period, put down non-refundable deposit. Lock it in with as little as 5% down.
- Choose your home's design options and finishes. This is the fun part.
- Lock in a long term rate with Kelly at Wintrust.
- Stay up to date on the construction process at our blog. Seeing is believing.
- Get final notice to close on your new home. It's about to get real.
- Receive your final loan approval. You're almost "home" free. Get it?
- Final walk-through and closing. Pop the champagne, you did it!
This process can take as little as 90 days, but as long as 6-9 months if your new home is later in our delivery schedule.
How do I know if I can afford a new home at Basecamp SFH?
Rule of thumb is to take your gross yearly income of your household before taxes, multiply by 35%, then divide by 12 months. However, student loans and other debts, along with other assets play a big part in this calculation. Try this mortgage calculator.
Or, the simplest way to be sure is to get pre-qualified. Start by clicking here.
What is included in my monthly mortgage payment?
PITI is the simplest way to remember. Principle. Interest. Taxes. Insurance. Or maybe "PITI the fool." But don't say that in public, trust us on that one.
What kind of paperwork do I need in order to get started with a lender pre-qualification?
You are no longer required to provide any paperwork to be pre-qualified. Getting pre-qualified is a straightforward and easy process that can be completed online in about 20 minutes. Get started here!
Which lender should I use?
Our preferred lender is Kelly Price from Wintrust Mortgage. Kelly is most familiar with our project and will help to streamline the process. However, you are free to use whomever you would prefer. Contact Kelly today.
What is the minimum down payment required?
We require 10% down to hold your home. There are very competitive loan programs with 10% down. If you don't have 10% to put down in cash, let us know. We may be able to work with you and Kelly Price to find a solution. Additionally, Wintrust has 5% down loan programs for qualified applicants.
Why is buying a new construction home better than buying a fixer-upper?
Purchasing a new single family home can be a wise decision. You get the full enjoyment of a new home, customized to your needs, the day you move in; along with warranties on the home and it's finishes. A fixer-upper is great for someone with a lot of time and patience. Remember, you need to buy the house first, then fix it up, potentially while living at your inlaws before even moving in. Fun stuff. Save your marriage, buy new.
I'm currently renting. What are the tax benefits to owning a new home?
As you know, renting provides no tax benefits. Owning a home allows you to deduct your mortgage interest and property taxes, reducing your income tax liability. You can decide to get a big refund once a year, or claim more dependents on your W2 form to recapture that incentive in smaller increments on every paycheck.
I have an existing home to sell. How do I manage this and time the new move correctly?
We do not offer home sale contingencies. However, we work with individual buyers to manage loan qualifications and to align closing dates with enough overlap to allow for an easier move. It won't be pain free but it's definitely doable. We've helped past buyers manage this numerous times in the past. Additionally, you may retain your existing condo or home as an investment and use rental income to offset the expense. Contact Kelly about how you may qualify for your new purchase with rents.
Are options and upgrades included in the loan, or do I have to pay for those separately?
Typically options and upgrades which customize your home are included in the final purchase price, and therefore can be financed. We offer many high quality standard finishes at Basecamp SFH, along with some lovely upgrade options. When you complete your selections process with our interior designer, you will be required to deposit 60% of the total cost of any upgraded selections.
How can I protect myself from rising interest rates?
Fixed interest rates are at an all-time low that may never be seen again. This is a great time to be a home buyer. However, many predict the fed will raise interest rates at least a half point in 2016 alone. Kelly Price at Wintrust offers many competitive long term rate lock programs to avoid this risk. It makes sense to lock in your housing cost and stop worrying about rising interest rates.
BUYING A HOUSE IS MAKING AN INVESTMENT IN YOUR FUTURE.
CONTACT OUR SALES TEAM TODAY TO SCHEDULE A PRIVATE TOUR. FIRST DELIVERIES SPRING 2016.