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Helpful Tips
DO
- Keep originals of all financial documents throughout the construction of your home. Taylor Morrison Home Funding may be required to update documents within 30 days of your closing date.
- Provide all documentation from the sale of your current home (e.g., listing and/or purchase agreement, closing disclosure, relocation buyout information).
- Notify your Loan Consultant if any gift funds will be utilized for your down payment.
- Notify your Loan Consultant of any employment/income changes (e.g., change of employer, raise/promotion, change of pay status, such as salary or commission).
DO NOT
- Open or increase any liabilities during the loan process. This may have an adverse impact on your debt to income ratios.
- Deposit any large sums of money into your bank accounts without first notifying your Loan Consultant. Per lender guidelines, these funds must be documented (e.g., proof of tax refund, bonus check, gift letter with copy of check and donor's ability).
- Change jobs/employers without first notifying your Loan Consultant about the potential impact this change may have on your loan approval.
- Make major purchases without first contacting your Loan Consultant to determine the impact, if any, this will have on your loan qualification.
- Close/transfer any asset accounts without first notifying your Loan Consultant of the documentation needed to verify the liquidation or transfer.
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Frequently Asked Questions
Getting Started with Qualification
Because the company understands that the financial process of purchasing a home has a significant impact on the overall purchase. Having a lender the builder can rely upon, sharing the same vision enables the entire purchase the best opportunity to be
a positive experience for you and your family.
We all fundamentally do the same thing, lend money. A builder’s lender has a vested interest in exceeding a customer’s expectations; our service can affect a customer’s willingness to refer future homeowners. Qualification and market conditions change
during construction and working with a lender that understands the builder’s construction process keeps everyone working together for a seamless transaction.
You should "pre-apply" for a mortgage before you start house hunting. This process includes analyzing your income, assets, and present debt to estimate what you may be able to afford on a home purchase. Obtaining mortgage "pre-approval" is another thing
entirely. Once you have made a purchasing decision you will formally apply for a loan, provide supporting documentation and your loan will be run through an automated underwriting system upon initial review. This takes place
prior to an underwriting decision. Following underwriting, you will be given a formal conditional commitment to lend.
Even if you're sure you have excellent credit, it's wise to double-check at the outset. Straightening out any errors or disputed items now will avoid troublesome holdups down the road when you're waiting for mortgage approval. You may see disputed items,
in addition to errors caused by a faulty Social Security number, a name similar to yours, or a court ordered judgment you paid off that hasn't been cleared from the public records. If such items appear, write a letter to
the appropriate credit bureau. Credit bureaus are required to help you straighten things out in a reasonable time (usually 30 days). We additionally offer complimentary qualification improvement within our ARO Department.
2 year stability of employment and income, proof of cash to close, possible reserves with a stable savings pattern and a timely payment of credit and credit usage. The percentage of monthly expenses against your monthly income must also meet qualification
guidelines.
By pre-applying with Taylor Morrison Home Funding we will help determine the maximum loan and monthly payment affordable to your family. We will review items such as gross income, currently monthly liabilities and expenses on any other real estate you
may own. If you are purchasing a home to be built, we can also work with you to determine the amount of design options within guideline qualifications.
Once you formally apply for financing and supply all supporting documents, the review from underwriting can take approximately 1-2 weeks. Our goal is to have your loan approved within 30-45 days from the date of your purchase agreement. In order to ensure
these timeframes are met you will need to work hand in hand with your loan consultant to ensure speedy delivery of your signed loan disclosures and any documentation requested. If there is a delay in receiving these items
we will be federally required to cancel your initial loan application and start from scratch. In addition, it is important we work with you to maintain all timeframes required in your Purchase agreement.
The mortgage calculator gives you a very accurate look at the principal and interest payments on your loan. However, if applicable, you must remember that any taxes (such as city tax and county property tax) and insurance will also be added to your monthly
payments.
Online Pre-Application
Yes, you will have the ability to “save & exit” on an online pre-application. You will create an account and return to your pre-application when desired. A loan consultant is not notified if you begin an application and do not complete.
Yes, you will be asked your intent to apply jointly if you have a co-borrower. If you indicate yes, then questions will be asked for the co-borrower information. If a co-borrower applies separately, we can merge your applications together.
Yes, the order credit feature is available during online pre-application. The generated credit is a soft pull from 2 credit bureaus and is not an inquiry on your credit report.
eConsent means you agree to receive documents electronically during your loan process. You will be able to eSign, print, sign & upload documents as needed as well as review documents online through your Loan Portal. You will be presented with consenting
for electronic documents at time of completing online pre-application or sent to you by your loan consultant. If you change your first, last names or email address during the loan process you will need to eConsent again with
your updated information.
Yes, after submitting your online pre-application you will receive an email letting you know your pre-application was submitted successfully and we will be in contact.
Documentation Requirements for your Loan
Documentation such as your pay stubs for the last 30 days, two years' W2’s and tax returns (plus business tax returns if you're self-employed), two months' bank records, proof of where your down payment will be coming from (such as a bank statement and/or
a gift letter with the gift giver's bank statement), along with a complete two year residential and employment history. Additional information may be requested.
At Taylor Morrison Home Funding we do offer a streamlined path for documentation. Your loan consultant will let you know if the loan program you apply for allows for third party income and employment verification as well as the ability to utilize a secure
method of validating your funds and transaction history through your banking institution. It is possible to receive financing with as little as a driver’s license and property appraisal!
While it may seem that you are sending the same documentation, you aren’t. New construction financing is typically a 2 step process that has us collect initial documentation at application and then request updates prior to the home completion. Your credit
and supporting documentation will expire after 120 days. We must make sure to maintain your loan approval throughout construction to avoid any delays in your closing or unexpected surprises should things change in your approval
status.
Many times the loan conditions are reviewed by underwriting opening up additional questions such as sourcing non-payroll deposits into your bank accounts or a change in your income status, etc. All of these additional items are required to satisfy and
meet the guidelines of the loan product you’ve chosen for financing.
Although the loan application form answers many questions regarding your financing picture, there are many other questions that may arise. To best ensure these are answered accurately, we will want your voice as the answer to any questions. This may include,
gaps in employment history, derogatory credit, clarification of occupancy of the new home, etc.
Loan Portal
At time of online pre-application when you order credit or when you are ready to upload and receive documents for your loan you will be promoted to create an online account.
Yes, through your loan portal you will have the ability to open a document folder, drag & drop documents, take picture or choose from your iCloud file to upload documents. Please note that emails containing zip files will not be accepted. The best
way to send documents securely is through your loan portal.
Yes, within your Loan Portal there is a section for “My Uploads”. You will have access to view the documents you uploaded.
You can reset your password. To be able to do so, you have to first verify your email on your account. This is to ensure security of your account.
Password strength is set to the maximum strength. At time of creating your account the length and characters are provided. Five attempts are allowed to login and after that you will have to reset your password.
The Lender will create an authentication code for you to gain access to documents within your loan portal. Another layer of security.
No, your authentication code is created by the Lender and we will let you know when the first electronic document is sent. This code will remain the same for the loan process and will be needed to gain access to documents. Remember, you created your password
to login and have the ability to reset during the process.
Current versions of Chrome, Firefox, Microsoft Edge, Safari on Macs. Chrome is recommended for all Android mobile devices and Safari for all iOS mobile devices.
Our site will adapt for the website, online pre-application and loan portal with internet connected devices (desktop, laptop, tablet, and smartphone).
Funds for your closing - asset verification
Your loan consultant will provide you with a detailed Loan Estimate at the time of your application and will verbally review these costs at the time you pre-apply. Closing costs and other settlement fees, including pre-paid interest, homeowner’s insurance,
real estate taxes and HOA proration and start-up costs will vary by state, municipality and community. As your mortgage lender we are required to disclose all of these costs associated with your home purchase including lender
related fees, attorney/title fees, and transfer taxes. Please speak to one of our professional loan consultants for guidance.
Many homebuyers get help from family in making their down payment. The amount required to be from your own funds varies by program and loan to value. To be sure the gifts funds aren't disguised loans, "gift letters" and source of funds are required from
anyone contributing money to your home purchase stating you are not obligated to re-pay the gift. This insures that your debt to income ratio disclosed on your loan application is accurate for qualification purposes. Discuss,
with your loan consultant, acceptable sources for gift funds and the appropriate documentation needed.
If you have cash funds to deposit into your bank account, these funds are generally unable to be used as a source of down payment and/or funds needed for closing. You will want to reach out to your loan consultant to discuss your options for use of cash
funds.
Any deposits into your bank accounts being used for down payment and/or funds needed for closing will likely need to be source. These guidelines offer protection from money laundering and illicit money entering our banking systems. You will need to be
prepared to provide any other bank accounts the funds may have transferred from, proof of stock or liquidation accounts and any other sources non-payroll funds originated from. You must keep in mind, providing additional
accounts will, many times, open up the need to source deposits into those funds as well. The paper trail of down payment and funds for closing are imperative for final loan approval.
Securing your interest rate
Your loan consultant can work with you to lock in your rate for the time it takes to build your Taylor Morrison home.
Interest rates fluctuate daily depending on market trends.? The bond market, in this reference, refers to the buying and selling of 30-year treasury bonds. The same factors that influence the bond market influence interest rates. When the bond market
is "up," yield (rates) go down. The day-to-day changes may be minute or none at all, but you can track the trend. As you are tracking the trend, you can continue calling your loan consultant and checking on the interest rate
for your loan.
Once your loan application is approved, and Taylor Morrison provides a timeframe as to when your home will be complete, building in a cushion for construction or weather delays. This is typically done when you are within 60 days of closing.
In lending terms, a point is equal to 1% of your loan amount. Paying points up front can lower your overall interest rate.
Appraisal and final inspection of your home
The value of your new home is as important for loan qualification as the ability to repay your loan, creditworthiness and having the funds needed to meet the loan guidelines. The lender needs to verify you are paying market value for you home and the
comparable sales in the surrounding neighborhoods meet qualification guidelines. Your down payment requirement is determined by the purchase price or home value, whichever is less.
You are not paying for two appraisals. You will be responsible to pay a third party appraisal management company at the time we place the order for your report. If purchasing a new build home, it is likely your home is not 100% complete. Prior to your
closing, we will need to certify your home is 100% complete by asking for a secondary report called “final inspection” certifying your home is move-in ready.
Because the appraisal report will need a review from underwriting to ensure the value meets all lending guidelines, time must be allotted for the appraiser to inspect the property, be reviewed by the appraisal management company for quality audit and
a final review completed by the underwriter. Because you will be closing on your home very soon after completion, you would likely experience delays in your closing if we were to wait for full completion of your home.
We include that document in our standard disclosure package because there are some cases where the end of the process is compressed and a day or two of extra time might delay the closing. In most cases it's not necessary but if it should happen, we are
ready.
Reconsideration of value requests may be submitted when additional market information exists or additional facts about the property exists that was not included in the original appraisal and the information is materially relevant to the conclusions in
the appraiser report. Reconsideration is conducted as a result of a disagreement with appraisal report opinion(s) based on additional data not included in the original appraisal report. The completion of Reconsideration may
or may not result in a change to the report or the value opinion. Note: Values provided by online real-estate marketplace companies, for example Zillow, will not be considered by the appraiser. Home values consist of many
variables (Lot Area, Quality, Condition, Pool/Spa, Views, etc.) which all contribute to a property’s value. These items are individually valued and identified on the appraisal grid. You can send your request for reconsideration
to
[email protected].
You're home! Now what?
Reducing the length of your loan (for example: a 15- or 10-year term versus a 30-year term) will drastically reduce the interest you pay over the life of your loan. You may also make additional principal payments to reduce the interest paid.
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Mortgage Glossary
This glossary will help you understand some of the more common terms used during the structuring, application, processing, and closing of your mortgage loan.
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