5-Step Homebuyers Guide
The home buying process can be a long, stressful and confusing journey. But Frank's Home Place, Inc. helps to make the process a little easier by providing you with this easy step by step process so you'll know what you need to do in order to make things go a little smoother - and quicker! By following the suggested guidelines below, you'll always know where you are in the buying process, and become a homeowner much sooner!
1. Get Pre-Qualified - (Pre-Approved)
Unless you're going to be paying cash for your new home, you'll need to secure financing from a reputable lender. This is the most IMPORTANT, and most often overlooked step in the home buying process. Before you even start looking at homes, you should have already talked with a lender of your choice to find out IF and HOW MUCH home you can buy! This process can also help determine how much monthly payment you can afford and any upfront costs associated with getting a loan. If you don't already have a lender in mind, Frank's Home Place will be happy to provide you with a list of reputable lenders in the area, although it's always YOUR choice as to the lender you choose! Just remember to always compare interest rates and fees, keeping in mind that just a single point in interest rates can make a BIG difference in your monthly payment!
There are two basic steps when working with a mortgage lender:
Step 1 - Pre-Qualification
By providing basic financial information, a lender can determine a pre-qualification loan amount so you can have some idea of how much you can spend on a new home. (It's important to not that a pre-qualification is NOT the same as a pre-approval for a certain loan amount, but merely an ESTIMATE of what you can qualify for.)
Step 2 - Pre-Approval
A pre-approval usually comes after you've found a home and are ready to make a purchase, although it can be done ahead of time. The pre-approval process involves giving the lender more detailed financial information, as well as having a credit report run on each potential buyer. You may be asked for your last two or three bank statements, W2 or pay stubs as well as asked to pay for the credit report up front. Once all this information is processed, and reviewed, a lender should be able to provide you a loan rate and a truth-in-lending statement, which outlines all the figures and fees contained in the actual loan, as well as what would be required to go to closing.
As stated before, skipping the pre-qualification or pre-approval process is a common mistake with many new buyers, and can prolong the amount of time it takes to complete the home buying process. By taking care of these two vital steps FIRST, you can relax and shop for homes at ease knowing that you have already been approved beforehand!
2. Decide on a Homesite
After you've secured financing for your new home, its time to select a site to put it on. There are many things to consider in locating a home site, including making sure the site is
suitable to put a home on.
One of the very first things Frank's Home Place does is to physically visit the selected home site and do a site inspection. A trained professional will check for potential drainage problems, setback issues, well/septic locations and/or easement or coding issues that would affect the placement of a home.
Meanwhile, buyers should contact the local utility and public works companies to determine what is required in order to secure electrical and water service, (if the land is connected to county water), and pay any upfront fees or deposits associated with new service.
3. Decide on a Home Plan
If you haven't already picked out your dream home, now's the time to start looking! There are so many choices now with manufactured housing, and sometimes the options can be confusing - and costly!
Do you want a manufactured home or a modular home? What SIZE home do you want? How many bedrooms and bathrooms do you need? Do you want a deck, porch or garage added? What kind of foundation do you want - Masonry block, brick or stone? And most importantly - can you afford what you want?
Fortunately, at Frank's Home Place, we make it simple by showing you UP FRONT what is included in all our Builder Packages, so you won't be hit with any "surprise costs" in the end! We even dare you to compare our builder package against other dealers to make sure you're getting the BEST deal on the house you want, WITH the options and features you need!
Once you've decided on a house plan and know what your cost will be, Frank's will order your home to your specifications and the in-house construction will begin! Unlike building a stick built home, which can be delayed because of changing weather conditions, your new manufactured home will be constructed INSIDE a manufacturing facility, which will greatly increase the quality and speed with which your home is built! You can expect your new home to be finished and ready to be delivered to the home site within two to four weeks!
4. Preparing the Homesite
While your new home is being built, many things will be going on at the home site to prepare it for the arrival of your house.
If the land hasn't been already been cleared, it will be surveyed, graded, and then cleared to prepare for all the site improvements such as a driveway, foundation, well and septic tank, and landscaping.
Frank's Home Place contracts only the best bonded licensed and insured professionals to make sure the proper permits are obtained, building codes are adhered to, and inspections are properly signed off on. The home site will be inspected with a fine tooth comb to make sure everything is in order for the arrival of your new home!
5. Delivery of Your New Home
When the home site is ready, your new home will be promptly shipped and delivered from the manufacturer. Working hand in hand with a licensed, bonded and insured set up crew and crane company, Frank's Home Place can assemble your new home on its foundation usually within 2-5 days, depending on the size and particular construction of your home. Unlike the building process, which takes place INSIDE, weather conditions are a major factor in the amount of time it can take to complete the set up of your new home. It is imperative that dry conditions prevail in order to complete the exterior finishes of your new home such as installing soffits, fascia, guttering, porches, and decks. Any added features such as basements and garages may also increase the set up time.
Finally, any interior finishes that weren't done in the factory such as seeming up walls and carpet or light trim work, will be completed onsite, as well as the plumbing and electrical tied in to onsite connections.
Once the home is completely finished and set up, Frank's will perform a thorough walk-through to address any potential installation problems. Once the home buyer is completely satisfied, a Certificate of Occupancy will be issued, the lender will finalize the loan agreement, and a closing will be scheduled with an attorney.
CONGRATULATIONS!! YOU'RE A HOMEOWNER!
After the closing, the deed is recorded and you will be given the keys to your brand new home! And with the 2-10 Home Buyers Warranty*, you can rest assured that your new home has the best warranty protection available, as well as Frank's Home Place commitment to customer satisfaction through the entire home buying process! (*available on selected homes only)