Home Buying Process
We want to make the experience of buying a home as streamlined and easy as possible. There are steps that will take you from selecting your home to applying for a loan and watching your home being built. Every step of the way your sales associate is available to answer questions, follow up on details, assist in ensuring your complete satisfaction and being your companion on the pathway to a brand new home.
You may find a floor plan you love and learn that it will not be available until an upcoming phase. You’ll want to check with your sales associate for information on phase release dates, pricing and details in order to get priority placement or participate in a lottery for the next available home of your choice. Purchasing a new home is a rare experience for you, but we are experienced in helping to make it happen every single day. Trust Ponderosa Homes to make it a great experience.
SELECTING YOUR HOME
- Start by touring the model homes more than once. Between each visit, think about how you actually live in your home. Do you love to entertain? How do you want your kitchen to look and be organized? How many bedrooms do you need – remember kids, they take up more room as they grow. What kind of personal luxuries do you want in your master suite? Is an outdoor room or patio important? Also look at your new neighborhood’s surroundings to check for conveniences and accessibility to employment routes.
- Your first assignment is to create a wish list and return to the model homes. Think about which floorplans work best for you. With submission of your pre-approval letter from our preferred lender, you can now start making definite plans with your sales associate.
- You may choose a floor plan you love and learn that it will not be available until an upcoming phase. Check with your sales associate often for information on phase release dates, pricing and details for participating in the sales release in order to obtain the next available home of your choice. When you have the details for the phase release, follow the instructions from your sales associate for submitting your pre-approved letter and participating in the sales release.
FINANCING STEPS – 1. Choose Your Lender
- If you haven’t yet done so, check out our Preferred Lenders page. These lenders are experienced in the way our homebuilding process works and what we expect in the way of lender responsiveness and service. While you have many choices, our Preferred Lenders can help you navigate the financing of your new home with ease.
- Once you’ve selected your lender, you will participate in a sales release, sign a purchase agreement and submit your loan application.
- Once you’ve identified the home you want and its availability, an escrow account will be opened for you to hold your deposit as part of a down payment. Please be sure that your application is complete and submitted with proper documentation to your lender representative. From this point onward, everyone, including you, is contributing to keeping your purchase on schedule.
- Your lender representative will verify the information on your application and order a copy of your Credit Report. Your lender will also provide you with a Good Faith Estimate and Truth-In-Lending Disclosure. After the application and documentation is complete, your loan will be sent to Underwriting for approval.
FINANCING STEPS – 2. Get Loan Approval
- The lender’s Underwriter confirms that your income, credit history and debt are within the limits of your selected loan program and may also request additional information (conditions) to confirm that you meet the loan’s requirements. After the Underwriter is satisfied with your eligibility, you’ll be notified with an approval letter.
FINANCING STEPS – 3. Processing Your Loan
- Your lender representative and loan processor will have the most up-to-date information on your loan’s progress. It is important to immediately notify them of any changes concerning your loan program, down payments or final sales price. Be sure your lender knows the final sales price and options amount that will make up your total loan amount.
- Refer to Escrow Information for further details on the loan, funding and closing process.
- Every lender’s approval process is slightly different, so please check with your lender regarding specifics of your loan.
SELECTING PERSONAL TOUCHES
- Ponderosa Homes’ Design Center is set up to help you select the special design options and upgrades that will make your home personally satisfying. We will contact you for an appointment with your Design Specialist, and before you meet for the first time, gather photos and swatches of colors, patterns and furnishings that you want to incorporate into your home. This will help the specialist guide you to the resources and choices that work with your ideas.The Design Center works with you, your construction manager and your lender to organize the details of your choices. Certain cut-off dates occur throughout the building process – please be aware that there are times when your choices must be finalized before work can continue. Your Design Specialist will let you know these dates ahead of time and whether deposits are required. Be sure to keep all of your appointments so that your home is not delayed.
- The cost of your upgrades can be included in your loan; however certain choices require that a deposit be made. Check with your Design Specialist for details on this process and be prepared for these events.
- All Design Center selections are subject to availability and construction cut-off dates.
- The construction process is the combined effort of specialists in many trades. To assure the highest possible standards of quality, only authorized suppliers, trade contractors and Ponderosa Homes’ employees are permitted to work on your home. An estimated delivery date will be provided to you at each meeting with your sales representative, and you’re welcome to check with your community Sales Manager for the most current target date at any time.
- The construction process usually follows this timeline:
- 1. Foundation
- 2. Framing
- 3. Dry Wall
- 4. Interior Trims
- A Closing Coordinator will notify you approximately one month before closing takes place. Closing documents are needed to convey ownership of your new home to you and your lender. The Closing documents and final cost figures are usually provided a day or two ahead of Closing and will include the Closing expenses related to your home.
- You will need to obtain and present proof of a homeowner’s policy from your insurance company at the time of Closing. You should arrange for that with your insurance agent at least three weeks before Closing. Prior to Closing, or within three days of Closing, you’ll also need to notify utility companies of your anticipated move-in date so service can be provided in your name. Start planning your moving day, moving company and packing process well ahead of Closing.
- At Closing, your Escrow Officer will review all documents, verify funding and Title documents and witness and notarize your signing of all documents related to your loan and your purchase. You will receive copies of all the documents and your sales representative will deliver the keys and garage door openers to your new home.