Obtaining a mortgage may seem confusing even to an experienced home buyer. We aim to change that at Taylor Morrison Home Funding. When you understand your path home, the smoother your experience will be.

With Taylor Morrison Home Funding, your mortgage team works hand in hand with all other Taylor Morrison team members involved in the construction of your home.  This seamless communication is what gives you peace of mind that your financing will be ready when your home is!

Thinking of getting started? Let us guide you home. You can also check out our Frequently Asked Questions and the Mortgage Glossary. Please remember that while there is a lot of information, your Taylor Morrison Home Funding loan consultant will help you every step of the way.

Pre-Application

Before you make your final decision to purchase a new home let us help you decide the best financing option to fit your financial goals and budget. Your loan consultant will talk to you about down payment, monthly payment, credit history, employment & income, funds needed for closing and the loan program options available to. We'll help you choose the ones that best suit you and provide you with the confidence to make a sound purchasing decision.  

Loan Application

By now you have completed your Purchase Agreement and joined the Taylor Morrison family.  Welcome! You will quickly connect with your loan consultant who will provide you with a formal, federally regulated loan application and corresponding disclosures requiring your e-signature.  Additionally we will verify, through supporting documentation, the information you verbally provided to us at the time of pre-application. This may be done face-to-face with your loan consultant, via mail or electronically.  

Processing & Underwriting

Your client coordinator will review your credit, income, employment and asset information. They may also reach out for clarification or additional information that may be needed on specific aspects of your loan. They will work hand in hand with our underwriter, the Taylor Morrison contract & closing coordinator and the title settlement agent/attorney.

• After the client coordinator reviews your loan, they will submit to an underwriter for a formal loan decision.
• Congratulations! Your loan as been approved with additional documents (loan conditions) needed prior to closing. This news will arrive, in writing, via your client coordinator with a conditional loan commitment. You will begin providing these loan conditions as construction continues on your home.
• As your home nears completion, we will order a property appraisal. At this time your home may not be 100% complete and a final inspection of the property will take place just before the closing date. Having a two-step appraisal valuation process avoids delays in your closing allowing time for the underwriter to review this very important piece of your loan approval. Unless you are a veteran financing your home with a VA loan, you will receive a third party notification requesting payment for your appraisal report and final inspection. This is due in advance of the appraiser's inspection.
• Typically, within 30 days of home completion the client coordinator will order your title insurance and homeowner's insurance. You will be responsible for informing us of your homeowner's insurance agent and contact information.
• If you purchased a new home to build, versus one of our inventory homes, it is likely your credit, employment, income and asset documentation may require a refresh as these items are valid for 120 days.
• Once the underwriter has reviewed and signed-off on your final documentation you are one step closer to owning your new Taylor Morrison home! 

Pre-Closing

Your home loan has been cleared through underwriting and is being prepared to move to our closing team. Before this can happen, we must meet the requirements of Fannie Mae's "Loan Quality Initiative" (LQI). You can expect to have a Gap Credit Report generated within 7 days of your scheduled closing date. This policy applies to all loan types.

The Gap Credit Report will not disclose new credit scores to the Lender, however it will show any new debts, credit inquiries or increased balances/payments on current debt. If any new and/or additional debt or obligations are identified prior to closing, the loan may be re-underwritten to determine if the loan qualifications are still met. A final confirmation of employment is also completed within 10 days of your closing date. 

Closing

Your home loan has been cleared for closing, the package completed and a closing date and time are scheduled. Construction of your home is complete. The closing typically takes place at the closing attorney's office, or the title or escrow company.