Financing your new Maronda Home using our full-service mortgage banking preferred lender, RMC Mortgage, is easier than ever before! Dedicated exclusively to Maronda Homes, they work closely with our sales representatives to determine the best financing solutions for each and every homebuyer. With a full array of mortgage products offered: conventional loans, FHA, VA, and state and local programs, they have one goal in mind – to help you afford the new construction home of your dreams.
We’ve compiled 10 steps to help our homebuyers understand RMC’s mortgage process and what to expect while navigating through it:
Step 1: Pre-approval
Get Pre-Approved from our Lender, RMC Mortgage, to determine your budget for purchasing a home.
Step 2: Home Search
Step 3: Application
Complete the initial application and disclosures, and provide any additional or updated supporting documentation not submitted during the pre-approval process.
Step 4: Appraisal
An appraisal is ordered after your initial investment deposit/intent to proceed is received, during the first week of the contract phase.
Step 5: Processing
A loan processor will review your file to make sure it paints an accurate picture of your financial situation. They will confirm all the required documents are included in the file and make requests for any that are missing.
Step 6: Underwriting
The underwriter receives your file from processing and will reply with a “conditional approval,” meaning the mortgage is approved, but there are conditions that need to be cleared to obtain a “final approval.”
Step 7: Clearing Conditions
Any documents requested by the underwriter are obtained. Once received, the underwriter reviews these documents and clears the conditions in order to issue the “final approval” status.
Step 8: Clear to Close
The underwriter completes their review of the documents and issues a “clear to close” status. At this time, a closing day and time are agreed upon and confirmed.
Step 9: 10 Day Items
At this point, we are within 10 days of the scheduled closing. RMC must perform the 10 Day Items List. This includes final verification of employment and a soft pull of your credit to check for new inquiries.
Step 10: Closing
You and Maronda will authorize all closing documents with signatures and fully complete the sale of the property.
Congrats, you’ve successfully closed on a brand new Maronda Home! The mortgage process is just one step of many during the home building process. Learn about the other steps it takes to build a new home here.