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What is an HOA fee?
What is a Mello-Roos?
What is Principal
& Interest?
What is an HOA fee?
HOA stands for Homeowners’ Association and HOA fees are collected to cover maintenance of common areas and costs associated to shared amenities (like pools and parks) to ensure your community stays beautiful and functioning.
What is a Mello-Roos?
Some districts require residents to pay a special tax called Mello-Roos to generally finance the construction and maintenance of city infrastructure like roads, utilities, etc.
How do I get pre-qualified?
In order to start your pre-qualification process, please email either the Online Sales Concierge or Onsite Sales Manager at your neighborhood of choice and they will send you a link to their preferred lender. From there, the lender will work with you to pre-qualify for a loan amount that fits your personal needs. The order of your completed pre-qualification determines the purchasing order. Essentially, first come, first serve.
What is principal & interest?
“Principal” is the bank’s word for your loan amount. And “interest” is an additional fee you pay the bank for lending you the money upfront.
Where does My Credit
Score Need To Be?
What is Escrow?
Is a Mortgage
More than rent?
How much do I need to put down?
At The New Home Company, our lenders offer programs for a variety of down payments – ranging anywhere from 0%, 3.5%, 5%, 10% and 20% depending on your personal financial situation.
Where does my credit score need to be?
Lenders work with buyers at all levels of credit score and you can also have a trusted family member or friend co-sign on the loan to make the process easier if need be.
What is escrow?
After your home offer is approved and you send in your deposit check, you enter a period of time called “escrow”. That’s when your money is kept safe by a trustworthy third-party while you and the seller complete inspections and discuss any possible contingencies. After escrow is complete, you will “close” on your home and receive your keys for move-in.
Is a mortgage more than rent?
In many cases, monthly mortgage payments are comparable to monthly rental costs – but the benefits of owning far exceed those of renting. For example, in essence, making your mortgage payments serves as paying yourself as you own the property, and some day, you might be able to sell the home for more than you purchased it at, delivering a great profit. It is the best investment you can make.