Step By Step - Buying Process
Buying a home is typically the largest and best investment of your life. Most people have questions about the process and that is why Watts Construction Company has created this section to try to answer most of your questions. If we have not addressed all of your questions feel free to call or send us an email.
Assess the Numbers
The first step in the process should be to speak with a lender. The lender will be able to determine how much you can afford based on the information you provide such as income, current bills and debt, current assets and other information. Each lender requires different information so ask in advance what information will be required. There are so many different types of loans it is best to consult with a lender to determine the best product for you. Items to consider when determining the maximum loan amount are monthly payments, property taxes, homeowner insurance, utilities and down payment. Remember that you do not have to obtain the maximum mortgage amount allowed by the lender if you feel that amount is too high for your comfort level.
Select an Area or Community
Selecting the area or community is the next step in the buying process. Prioritizing what is important to you and your family is the key. A few items to consider are proximity to schools, shopping, healthcare facilities, work, entertainment and more. Watts Construction Company builds in many areas offering a selection to fit your needs.
Select a Floor Plan
Once you have determined the community you wish to live in it is time to select a home design to fit your needs, tastes, desires and budget. Items to consider in determining the correct floor plan are the number of bedrooms, baths, room sizes, style of home (ranch, 2-story, bi-level, tri-level, cape cod, A-frame, etc), the potential need for expansion, whether you need a home office and more. Watts Construction Company sales consultants are extremely helpful with this part of the process.
Signing a Contract
You have selected the community, floor plan and have determined approximately how much you can and feel comfortable spending. After this is complete and the options are selected the contract is finalized and signed by you and the builder. At this time you will also receive a copy of the Watts Construction Company warranty and homeowner manual. Your Watts Construction Company sales representative will review the construction and purchasing process, estimated completion/closing date and discuss the selection process if the home is to be built.
Secure Financing
Once you have signed a contract it is now time to finalize the financing. The lender will require a copy of the contract and other builder documents. Updated documentation of your financial situation will also need to be provided. You and your lender will complete a mortgage application and determine the best mortgage for you. Write down all of your mortgage/loan questions in advance of your appointment so you do not forget any questions and will receive all of the answers.
Purchase Homeowner Insurance
Your lender will require proof of a valid homeowner insurance policy. The type of mortgage will determine if the insurance will need to be paid in advance of the closing. Future insurance will typically be paid out of your monthly mortgage payments. Contact several insurance companies to determine the type and amount of coverage. Typically a discount is given if you use the same insurance company for homeowner’s and auto insurance. Consult your insurance agent for details.
Closing
The closing day and time will be determined by you, Watts Construction Company, your lender and the title company. At this time your lender has completed all of the required documentation and has sent it to the title company. The closing usually takes place at the title company so it is necessary to get directions. You will need to bring a certified check to the closing in the amount determined by the lender, as well as a valid photo ID such as a driver's license. The dollar amount should be given to you 24 hours in advance of the closing. Once all of the documents are signed the home is now yours and your responsibility. You will receive copies of everything you signed as well as the keys to your new home. It is now time to start moving. Once your deed is recorded with the county register of deeds office you will receive the original deed in the mail. File it with all of your important information.
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