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The Money Part
Chances are you�ll need financing. So before shopping for that LCD big screen let us help do a little number crunching. Don�t worry � we�ve been through the process. We have many attractive programs courtesy of our preferred lender, Platinum Mortgage.
The PLATINUM ADVANTAGE
Mortgage Bankers That Don�t Keep Bankers Hours!
� FHA and VA Lending Experts - #1 FHA lender in North Alabama
� Locally owned and operated. Experience you can trust by people you know.
� In-House Underwriting and Closing Departments allow us to manage your loan from application to the closing table
� Personal Service to meet your individualized needs
� Aggressive rates on Jumbo loans
� Construction Loans
� State Income (self �employed)
� Trailing spouse programs
� Zero Down � First time buyer loans
� Creative Financing Options:
o Interest Only Loans
o 40 year mortgages
o Little or no verification loans
o 100% financing available
o Bond Money
o No PMI loans
As the preferred lender of Covenant Homes, Jonathan Smith is dedicated to helping you secure the financing for your new home. Jonathan looks forward to getting to know you so that he can match you up with the program that is right for you and your family�s situation. Just as each new home is different, so are the people who are buying them. Platinum Mortgage has over 180 loan programs available with one sure to fit your needs.
The Tennessee Valley�s Relocation Experts!
Let Jonathan Smith make your relocation a breeze! He will guide you step by step through the loan approval process finding the best program to suit your needs and budget.
Know what you can buy before you start shopping houses or make an offer. Jonathan will take the stress out of moving and the hassle out of relocating when you call Platinum First!
Let Jonathan take you step by step through the loan approval process so you will know what you can buy before you make an offer. Platinum Mortgage � The Relocation Experts.
The First Step
At this point you have probably spent numerous hours scouting out the neighborhoods, pouring over floor plans, thinking about amenities and all of the other factors that will help you in your decision-making. Now, it is time to take the next step and arrange financing of your new home.
Home Loans Pre-Qualification vs. Pre-Approval
One surefire way to reduce stress during the process of home buying is to seek pre-approval, actually applying for a loan before finding a house. The loan agent assembles a credit package that includes a loan application, credit report, income and asset information, and supporting documentation. These documents are then submitted to prospective lenders who underwrite the file, issuing credit approval or denial.
Buyers who are pre-approved are taken more seriously than their pre-qualified counterparts. Pre-qualification is not a loan commitment from a lending institution; it is only a loan agent�s opinion that you will be able to obtain financing. Verifications are not usually made so formal approval is not issued.
Pre-approval, on the other hand, signifies that the lender has taken the application through a rigorous procedure. So buyers with pre-approval status can basically write their own ticket.
Benefits of pre-approval:
� Understanding the breadth of you financial reach will save the time spent looking at houses you can�t afford.
� Allows you to settle on a house payment that fits your lifestyle.
� Having a pre-approval letter from a lender gives you an edge in a situation where multiple offers have been made on a house.
� Pre-approved buyers can generally close escrow more quickly. Once you submit your credit package, most of the legwork has already been done.
The Next Step
Achieving the American dream of Homeownership is easier than you might think. One for the first steps in reaching this goal is to understand what you will be able to borrow and determining a monthly payment you can afford. The mortgage industry has adopted several rules of thumb that will help you get the ball rolling.
How Much Can I Afford To Pay Each Month?
A general rule of thumb states that you will be able to spend 28% of your total income on a mortgage payment. The following chart (get chart from Platinum) will help you convert your annual income into a monthly payment. This payment includes principal and interest only. Factoring in unknown variables including taxes, insurance and homeowners fees will increase your monthly payment and reduce the total loan amount you will qualify for.
How Much Will I be Able To Borrow?
Now that you have an idea as to what you can afford each month, this table (get table from Platinum) will give you and idea as to the amount you will be able to borrow. Add your anticipated down payment to arrive at a purchase price limit.
These tables are designed to give you a basic idea of what to expect as a homebuyer. It is important to recognize that your specific situation is unique and there are numerous loan programs to choose from. Platinum is there to help you evaluate your options and select the program that will be most advantageous.
Together, Covenant Homes and Platinum Mortgage will find the best home and mortgage for you!
Click To Apply Online�
THE FUN STUFF!
What? Isn�t this supposed to be stressful?
We�ve all heard the horror stories and everyone seems to know someone that�s had a bad experience building a house. We promise this will be different. We can help right from the start with establishing budgets, evaluating plans, options and finally � shopping for all the distinct features and finish products to make your house a home. We will provide a list of our preferred vendors, each located within 15 minutes of our subdivisions. These are some of the most trusted names in the Huntsville business community. What�s not to like about designing and watching your dream home come together? We offer generous allowances and welcome the opportunity to replace that stress with an enjoyable experience you can enjoy for years. Our sales and customer representatives enjoy working with you during this design process or if better suited, can make selections for you and install pending your final approval.
Have it your way!
Where�s the design studio? We don�t have a design studio and that�s, in our option, a good thing. Why limit yourself to typically no more than visiting a home improvement warehouse. We think people would rather work with an unbiased, professional representative of an established local company. One that knows market trends, the latest products and not just offering options in a design studio that typically better suit the builder�s bottom line. It�s you house; why not get exactly what you want?
Also note our model homes reflect our STANDARD finish and not upgrades typically displayed by other builders. It�s your house; why not get exactly what you want? Compare The Difference!
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