CONTACT US
Financing Your
New Home
Crescent Homes is pleased to partner with Settlement Home Lending to create positive homebuying experiences from the ground up.
Getting a mortgage can seem overwhelming from the outside looking in. That’s why Settlement Home Lending strives to go above and beyond to make your mortgage process simple, seamless, and stress-free.
With step-by-step guidance from Settlement’s experienced mortgage advisors, you’ll always know what’s going on with your loan. Plus, you can virtually start and track your transaction on our free LoanFly® app. From uploading documents and seeing next steps to checking your credit score and monitoring your loan status, you’ll have a completely transparent view of your mortgage process on any internet-connected device.
Contact one of our loan officers today to get started. You’re also welcome to browse Settlement’s FAQs page to find answers to common home financing questions. We’re here to help make your loan process a remarkable one and to ensure that your loan closes on time.
What to Expect
After you prequalify online or over the phone with one of Settlement’s loan officers, we will reach out to you to walk you through your home loan options. You can get a head start on your loan process by uploading documents to LoanFly® Borrower Portal, a secure online site where you can manage your mortgage transaction. After talking with your mortgage advisor about how much home you can afford, you can set your budget and start creating your dream home with Crescent Homes.
During the loan process, our team will let you know which documents are needed, lock your rate when you’re ready, and help clarify any questions from our in-house underwriters. While you can easily track your loan progress via LoanFly® Borrower Portal, your loan officer is always a call or email away.
The most exciting part of your journey is closing – when you become the official owner of your custom-built home! Our team will make sure your final loan documents are ready on time so there’s no delay to your happy Closing Day!
Settlement Home Lending can’t wait to help you finance your dream home with Crescent Homes. Prequalify today to get started.
our process
Prequalify
First, submit your prequalification form with Settlement Home Lending. This is how we start the verification process and request additional items to finalize your home loan approval.
Get Your Paperwork Ready
Your loan officer will email you a list of items needed for your application, which you can send via secure e-fax or upload to LoanFly® Borrower Portal from your desktop or favorite device.
Complete Your Official Application
Work with your loan officer to complete all required paperwork. To speed things up, you can consent to sign and receive documents electronically. You can also schedule an appointment with our team to go over any questions and to review and sign documents in person.
Processing
Our processor orders the appraisal, title commitment, and other verifications. You may be asked to send more information based on what the processor knows will be required for your specific loan program to help keep the process on track.
Underwriting and Clearing Conditions
Our underwriter reviews your documentation to determine if all loan program guidelines have been met. Sometimes, a loan is “Approved with Conditions,” which means that your underwriter may need more information before they officially approve your loan. This may involve you explaining an employment gap or providing proof that your earnest money payment has cleared.
Get Ready to Close
This is exciting – your loan is just a few steps from closing! Our closer gives your closing figures to the title company’s closer, who then adds those numbers to their title charges and the ones included in the real estate contract.
Final Figures
Your loan officer discusses final numbers with you before your closing appointment. If you’re required to bring any funds to closing, make sure they are in the form of a cashier’s check made out to the title company. You may also choose to wire funds to the title company.
The Big Day!
Take a final walk-through of your beautiful custom-made home! Afterward, you’ll attend the closing appointment to sign documents. Then, pat yourself on the back and celebrate – you’re a homeowner!
By furnishing any and/or all of the documentation, an applicant is in no way obligated to accept the terms and conditions of the mortgage offered, nor does the borrower have to provide these documents to receive a Loan Estimate.
Are you ready to crunch some numbers?
Turn to one of our most-used mortgage calculators, our Payment Calculator, to compare different price points and see which payment option fits your finances.
Find more calculators here, including Rent vs. Buy, Biweekly Payments, Mortgage Payoff, and Mortgage Tax Savings.
These calculators are great starting points to estimate your homebuying costs. For more accurate numbers based on your individual needs, give Settlement Home Lending a call. We’re happy to create a mortgage plan that will help you achieve your short-term goals and long-term dreams!
Financing Terminology
Familiarize yourself with some common mortgage terms to better understand the mortgage process.
Adjustable Rate Mortgage (ARM)
A mortgage whose interest rate changes over time based on index.
Annual Percentage Rate (APR)
The total yearly cost of a mortgage expressed as a percentage. It includes interest and other finance charges such as points, origination fees and mortgage insurance.
Debt-to-Income Ratio
The ratio to qualify you for a mortgage. Compares your total monthly housing expense and other debt (the amount you pay out) with your total monthly gross income (the amount you earn).
Deed
The legal document conveying title to a property.
Down Payment
The difference between the sales price of the home and the mortgage amount. Buyer pays with cash and does not finance with a mortgage. Earnest Money: a deposit given to the seller to show that a prospective buyer is serious about purchasing the house.
FHA Loan
A mortgage that is insured by the Federal Housing Administration (FHA).
Fixed-Rate Mortgage
A mortgage in which the interest rate does not change during the entire term of the loan.
Homeowner’s Insurance
Insurance that protects your home and possessions from theft and damage.
Interest
A fee you pay for borrowing money.
PITI
"Principal-Interest-Taxes-Insurance", the four elements of your monthly mortgage payment.
Pre-qualification
The process of pre-determining how much money a prospective buyer might be eligible to borrow. Prequalifying for a loan does not guarantee approval.
Principal
Your loan amount, not including interest; the amount borrowed or remaining unpaid. Also, the part of the monthly payment that reduces the outstanding balance of a mortgage.
Purchase/Sales Agreement
A contract between the buyer and seller that defines the terms and conditions of the home purchase.
Title
Written evidence that proves you are the owner of your property. Underwriting: the analysis of your overall credit and property value and the determination of a mortgage rate and term.
Not quite ready to explore your financing options?
Take a look at the available communities we are building throughout the Carolinas and in Tennessee. Browse homes here.
