Financing FAQ's - Shawn Forth Homes Shawn Forth Homes

OUR WARRANTY

Shawn Forth Homes is a member of the nations most selective new home warranty program, Quality Builders Warranty Corporation. We have passed QBW’s strict screening standards and are recognized as a “Builder of Integrity.” Additionally, the warranty is backed by Liberty Mutual, so you can rest peacefully in your new home.

You can rest assured, Shawn Forth Homes will provide you with the highest quality of construction possible. We provide a one-year warranty and will complete any warranty work in a professional manner as quickly as possible. We want your satisfaction and are willing to earn it.

OUR PARTICIPATING LENDER

Cornerstone Home Lending, Inc.

Cornerstone is a unique national home lender with thousands of highly-satisfied clients. Our mission clearly states that our most important goal is to make a positive contribution to our clients’ lives. Quite simply, we operate with integrity, treat our clients with respect, determine the appropriate loan product that meets our clients’ objectives, and meet the agreed upon closing date. NOTE: We can do closings in a little as 8 days! Great for quick move-ins!* Timeframe not typical. Not all loans will close within this timeline.

MARCIE HINES
Senior Mortgage Advisor
NMLS# 233626
Marcie@HinesTeamOK.com
Equal Housing Opportunity
CHRIS HINES
Senior Mortgage Advisor
NMLS# 233694
chris@HinesTeamOK.com
Equal Housing Opportunity

Oklahoma City
4801 Gaillardia Parkway, Suite 325
Oklahoma City, Oklahoma 73142
405.213.0096
NMLS# 189903

FINANCING & MORTGAGE FAQS

1. How much can I borrow, and at what interest rate?

There are a few things you need to know:

What fees are associated with your monthly payments, such as PMI (Private Mortgage Insurance)?
Are you escrowing for your property taxes, and is the bank charging an escrow fee?
Are there other recurring/annual charges that you may be charged?

If you are doing an adjustable rate loan, you need to know:

Adjustment frequency
Maximum annual adjustment
Highest rate they can charge you (Rate cap)
The financial index they derive their rates from (LIBOR, NY Prime)
Margin over the index they will charge you

2. Can I pay down my interest rate? How much will that cost?

If you have bad or so-so credit, you can pay your way down to lower interest rates by paying a fee up front. These fees are usually a percentage of the loan amount, and they do not decrease the amount of principal you will owe. You are just paying the bank to lower their interest rate.

3. How much of a down payment do I need to have?

It depends on what kind of loan you take.

FHA loan minimum is about 3.5%
VA loan minimum is about 0%
Conventional loan is about 5-20%, depending on lender

Always ask if the lending institution has any in-house programs that work for you. And if there are any programs that could help you:

USDA qualification
First-time homebuyer incentives
Minority/low-income programs

4. What documents do I need to provide?

By furnishing any and/or all of the documentation, an applicant is in no way obligated to accept the terms and conditions of the mortgage offered, nor does the borrower have to provide these documents to receive a Loan Estimate.

Employment verification, W-2, pay stubs
Bank statements
Credit score history requirements
Other liabilities (car loans, student loans, judgments, etc.)
Other assets (IRA, investment property, etc.)

5. How much will my closing costs be?

This amount will be provided to you in what is known as a “Loan Estimate”. Ask if your lending institution will guarantee its Loan Estimate, so you have no surprises at closing. Keep in mind that the lending institution is not required by law to guarantee its Loan Estimate; it is only required to provide you with one.

6. Can I lock in my rate?

Your lender may offer a few options for locking in your interest rate before your anticipated closing date. Shawn Forth will work with you and your lender to establish a closing date and a viable timeline for locking in your interest rate.

NOTE: Talk to your prospective loan officer about his/her history at the lending institution. Make sure you ask:

How long have they been with this bank?
How many deals have they done so far this year? This month?
What is the average loan size they do?

Financing FAQ’s