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Financing Your New Simmons Home |
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1. How much money do I need at closing?
2. What are the benefits of a higher down payment?
3. Can I get my home financed through Simmons Homes?
4. They say I am pre-qualified for a new home, does that mean I have a loan?
5. When I write that check for my mortgage every month, what exactly am I paying for?
1. How much money do I need at closing?
Your closing costs will depend upon the sale price, the amount of your down payment and the various fees connected with the purchase of your home. Closing costs and escrow items include mortgage insurance, prepaid taxes, title insurance, etc.
2. What are the benefits of a higher down payment?
By giving a higher down payment, you are reducing the amount of your monthly payment and the type of loan that will meet your needs.
3. Can I get my home financed through Simmons Homes?
Though Simmons Homes does not offer owner financing at this time, because we have many years experience in putting people in their new homes, we have great connections with lenders with which we can refer you.
4. They say I am pre-qualified for a new home, does that mean I have a loan?
Pre-qualification is the first step we take to ensure that you are getting the right home for your family and income. It is at this step that we check your credit and income, then compare it to the house you desire. If you can afford the home you want, we call you in to sign a contract and then pass the paperwork to the mortgage company who will then give you the final word on a mortgage loan. If it ends up that you cannot afford the home you want, we will come to you with other options: for example, choosing a different home, working on your credit, or many other available options.
5. When I write that check for my mortgage every month, what exactly am I paying for?
Your monthly mortgage payment consists of the Principal (the total amount of money you are borrowing from the lender), Interest (the amount the lender charges you for the loan), Taxes, and Insurance (for example, hazard insurance - to protect against losses from fire, storms, theft, etc).
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