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Financing Your New Home, Part Two

Categories: Building a New Home, Home Mortgage, Uncategorized | Posted: August 15, 2017

For the second in our two part series on financing your new home, we spoke with one of our preferred lenders, Sherry Brockenbrough, with Loan Depot about the mortgage process for new home construction.  She shared some helpful reminders for buyers that can help keep the mortgage process moving smoothly. 

CMH:  How long does the process typically take to secure financing and process a mortgage for a newly constructed home? 

Sherry:  The mortgage process sort of parallels the timeline on the construction of the home.  New homes can take 6-8 months to complete.  We like to work with our clients along the way to be able to answer questions and be a resource for them.  We work backwards from the projected closing date given by the builder so that all documents and information are ready when your home is ready. 

About 90 days from Closing – Using the checklist received at Pre-Approval, the buyer will submit these financial records (bank statements, paycheck stubs, tax records, etc.) to the lender.

About 70 days from Closing – The lender will work with the buyer to obtain any updates from the initial submission.

About 60 days from Closing – The buyer will submit the formal application to the underwriter that will accompany all the updated personal financial records.

About 45 days from Closing or at 80% completion of the home – The lender initiates the first appraisal of the home.   

About 2 weeks from Closing – The final appraisal is completed.

CMH:  That seems like plenty of time to gather what is needed to process the loan.  What have you found to be most helpful to new buyers when they begin this process? 

Sherry:  We always tell our clients that any major change in their financial portfolio could impact the mortgage, by either delay, increased costs, or even loss of financing – that’s just the hard truth of the matter.  If your credit score is lower (750-800) even minor changes can impact your loan process. 

While your loan is in process – that’s from the time you sign your contract until the day you close on your home – the financial institution is periodically analyzing your financial activity.  They want to make sure they are entering into a relationship where their lending will be secure. 

Opening new credit accounts – even just to get a good discount – can impact your credit score as well as change your debt/income ratio.  These are used to determine what loan rates a buyer can be eligible for.   If you are trying to save a few hundred dollars buying something new for your home, it may end up costing more in the long run – increased rates, more expensive mortgage insurance, etc. 

Moving money between accounts or making large deposits might seem harmless, but documentation from monthly bank statements will be needed to show any changes in your overall portfolio – and you might not have time to get that before closing.  This could cause significant delay in the process and make it difficult to make the closing date as planned. 

CMH:  Thanks, Sherry, for these helpful reminders! 

Contact one of Richmond’s leading homebuilders, CraftMaster Homes, to get started on your design today. CraftMaster builds new homes in Chesterfield, Midlothian, Henrico, Hanover, and Dinwiddie.

 

Financing Your New Home, Part One

Categories: Building a New Home, Home Mortgage, Uncategorized | Posted: August 8, 2017

Pre-Approval for a Mortgage

In Part One of our two-part series on Financing Your New Home, we spoke with Jamie Lee Chafin, one of our preferred lenders, at Village Bank Mortgage to find out more about obtaining pre-approval for your mortgage and beginning the home loan process.

CMH:  What is the difference between “Pre-Qualifying” for a mortgage and obtaining “Pre-Approval?”

Jamie Lee:  There is a great difference between the two.  Pre-Qualifying is when you speak with a lender either over the phone or in person and give him/her verbal information about your income, sources of income and a credit review is done.  No formal documents are presented.  With a Pre-Approval, the borrower presents all financial documents to the lender – bank information, w-2, tax records, credit reports, etc.  The information is reviewed by the underwriter with the mortgage company and they can tell you the maximum amount the lender is likely to loan you.

CM:  This seems like a great benefit for a home buyer.  What other benefits does a Pre-Approval offer?

Jamie Lee:  It really takes the mystery away from the mortgage.   They will know accurate details for all costs associated with their loan.   No surprises!  Working with a preferred lender offers other benefits as well.  Interest rates can be locked-in – if the buyer would choose to do so – and a preferred lender can offer more options for rate lock-in and for overall cost to the borrower.

CM:  There are a lot of tools on-line that buyers could use to calculate their mortgage, just by typing in a few numbers.  Why not just use an on-line calculator to get an idea of what to expect?

Jamie Lee:  Online calculators cannot give you the entire picture of what to expect in your mortgage. There are costs such as insurance, closing costs, taxes and other monthly costs that only a resource like a preferred lender can make sure you are aware of.  A preferred lender is a professional who will be a resource for you while you are in the process of building your home.  Preferred lenders also work with appraisers who are experienced in appraising new home construction.  I am always happy to answer questions from my clients from day one until the day they close on their home.

Thanks to Jamie Lee for that great information on first steps in the process of securing a home mortgage. We will continue this series next week with steps in the loan process and helpful reminders before you close on your home.

 

Contact one of Richmond’s leading homebuilders, CraftMaster Homes, to get started on your design today. CraftMaster builds new homes in Chesterfield, Midlothian, Henrico, Hanover, and Dinwiddie.

 

Move In Ready in Rountrey

Categories: Chesterfield New Homes, Midlothian New Homes, Neighborhoods, Richmond Area New Home Builder | Posted: July 28, 2017

CraftMaster Homes and Rountrey

One of Midlothian’s fastest growing neighborhood’s, Rountrey, is positioned convenient to the Powhite Parkway Extension and less than 30 minutes from Short Pump.   The brand new clubhouse and pool offer upscale and family-friendly entertainment spots to meet with and socialize with great neighbors.

CraftMaster Homes has two beautiful homes available in the Graythorne section of Rountrey.  Our Maddison III and  Townsend IV are well designed plans for family living.  Beautiful, spacious kitchens, well appointed Owner’s suites, and lovely Craftsman details throughout the home make these substantial homes for growing families.

The Maddison III

Four bedrooms, three and half baths with side entry two-car garage.  This is one of the newest versions of our popular, Maddison plan.  Beautiful hardwoods throughout the first floor with oak stairs that carry to second floor loft.   The Kitchen is open to the Family Room – with gorgeous custom cabinetry and open lantern pendant lighting.  The granite countertops and subway tile backsplash give the space a custom finished look.  Owner’s Suite is located on the second floor and owner’s bath is spacious and elegant.

The Townsend IV

All the beauty and spacious design of our favorite Townsend with an additional bedroom and bath on the second floor make this home bigger and better than ever!  The gourmet grande kitchen is appointed with beautiful granite and open shelving.  Italian Zephyr hood range centers the back wall of the kitchen with double oven wall and gas range.  Five bedrooms, three and half baths – plenty of room for everyone!

 

Contact one of Richmond’s leading homebuilders, CraftMaster Homes, to get started on your design today. CraftMaster builds new homes in Chesterfield, Midlothian, Henrico, Hanover, and Dinwiddie.

 

 

 

Basement Homesites – Wynwood at Fox Creek

Categories: Building a New Home, Chesterfield New Homes, Midlothian New Homes, Neighborhoods | Posted: July 20, 2017

Now selling – homesites in the Wynwood section of Fox Creek!

We are excited to present some of our most loved floor plans with basements in this growing section of one of Chesterfield county’s popular neighborhoods.

In the Cosby High School district, Fox Creek is located just four miles west of the intersection of Rt. 288 and Hull St. Rds.  This community boasts amenities that include the Terrace Swim and Racquet Club with indoor and outdoor pools and all weather/lighted tennis courts.  Walking trails, sports fields and playgrounds provide plenty of outdoor recreation places for kids and families.

In CraftMaster’s section of Wynwood, our Radford, Maddison and Winchester plans bring beautiful Craftsman and Farmhouse elevations with country porches to the streetscape.

 

All plans in Wynwood at Fox Creek feature Open Concept First Floors, main floor Guest Suites or Home Office, generous Kitchens with large Island and walk-in Pantry. Owner’s Suite and additional bedrooms complete the second floors – with various options for two-three additional bedroom or loft space.

 

 

 

 

 

Homes with basements are much desired but not always available in many neighborhoods in the Richmond area.  We are excited to include basements with homes in this section of Fox Creek!

How would you design your Basement Living Area?  The possibilities are endless!

 

Fitness and workout room, Craft and hobby area, Movie or Media Room, Entertaining, Extra Bedroom and Bathroom suites!   So many great ideas from HGTV  for utilizing this bonus family space!

Visit our website or contact us (804) 310-5952 for more information on how you can design your new home with CraftMaster in Fox Creek at Wynwood.

 

Contact one of Richmond’s leading homebuilders, CraftMaster Homes, to get started on your design today. CraftMaster builds new homes in Chesterfield, Midlothian, Henrico, Hanover, and Dinwiddie.

Beat the Heat!

Categories: Building a New Home, Home Maintenace Tips | Posted: July 11, 2017

When summer temps approach triple digits, we can all get a little cranky. Your cooling system in your home will work hard to keep your home cool, but know that there are limits for extreme temperatures. There are some things you can do to maximize the energy output and help your HVAC system work well for you!

Heating, ventilation and air conditioning  (HVAC) systems are set up to operate for average summer/winter temperatures in the geographical area where they are installed.  When a system is designed for a Richmond area home, you can say that the system is working properly if the inside temperature is approximately 20 degrees less than the outside temperature (in summer using an average of 92 degrees Fahrenheit).    So when temperatures outside are consistently above 95-100 degrees, your system can only keep your home at around 75-80 degrees at best.  Add a few degrees warmer outside and that will affect your overall inside temperature.

During extreme temperature days it is normal for your system HVAC to run continuously and it may not be able to hold the temperatures you have set on the thermostat.  There are some things you can do to help your system operate more efficiently to cool your home.

#1 Check and change air filters as needed.  The simplest way to keep your HVAC happy is to change its air filter monthly.  Air filters trap dirt, dust and other air particles to keep them away from the mechanical parts of your system.  If they are dirty, this will constrict air flow and put unwanted strain on your system, which means it could keep your HVAC from cooling your home properly.   Ultimately, if your system experiences long term stress from restricted air flow, it may completely fail.

 

#2  Keep interior doors open.  Your path to a cooler house might be as easy as opening doors and registers (vents found either on the floor or ceiling) in every room.  If designed and built correctly, a central air system should be “balanced.” A balanced system is one where negative pressure, or air flow in one direction, should match positive air pressure pushing air in the opposite direction.

#3  Keep blinds and curtains drawn.  During summer, keep your blinds or curtains drawn in the hotter parts of the day to keep your home a bit more “shaded.”   Not using extra electricity on near triple digit days is also a good idea.  Save the laundry and dishwasher for another day or run them in the early morning or later evening when your HVAC unit may not be working as hard.

Check out other resources to help keep your home cool this summer.

 

 

Contact one of Richmond’s leading homebuilders, CraftMaster Homes, to design your next new home. CraftMaster builds new homes in Chesterfield, Midlothian, Henrico, Hanover, and Dinwiddie.

 

 

 

 

Magnolia Green’s Stafford Park

Categories: Chesterfield New Homes, Neighborhoods, Richmond Area New Home Builder | Posted: July 6, 2017

Magnolia Green

There’s lots to love about Magnolia Green!  This master-planned community, minutes from Route 288 in Chesterfield County, has just about everything and it keeps getting better.

The New Aquatics Center

Opening in just a few days is their new Aquatics Center.  This outdoor recreation area for all ages boasts an 8-lane Junior Olympic competition pool, a splash pool and activity center for the younger ones, lounge pool for adults and an awesome pirate-themed playground.

The Market at Magnolia

Every Saturday – spring through fall – vendors from the area share their harvests and crafts in this open air market.  All are welcome to come enjoy the bounty!

Stafford Park and CraftMaster Homes

Stafford Park may be one of Magnolia Green’s best kept secrets.  This beautiful section along Holes 11 and 12 of the Championship Golf Course showcases a variety of home styles and floor plans to match the needs of this growing community.  CraftMaster Homes has several lots available along the golf course in the new section of Stafford Park for your future home!

Available Homes

Under construction and available soon in Stafford Park are two of CraftMaster Homes most popular floor plans.

Our Cameron plan, on a golf course lot, boasts 4 Bedrooms and 3 Baths – one full bedroom and bath on the first floor to make a lovely guest suite.  Learn More

The Winchester, a beautiful farmhouse style elevation with brick front porch.  Open first floor with study or kids’ playroom also includes 4 bedrooms and 2.5 baths.  Learn more

Contact one of Richmond’s leading homebuilders, CraftMaster Homes, to design your next new home. CraftMaster builds new homes in Chesterfield, Midlothian, Henrico, Hanover, and Dinwiddie.

Home Repairs to Make Before You Sell

Categories: Home Maintenace Tips | Posted: June 27, 2017

If you are planning to sell your home soon or within the next year and you have the extra time this weekend with the holiday around the corner, there are some definite home repairs that should be on your To-Do List.

Essential operating systems like HVAC, plumbing and electrical, etc. should all be evaluated by professionals and major repairs complete before selling your home.

The list below includes all around maintenance items that most people can take care of on their own to keep your home looking great.  Staying on top of these types of repairs and maintenance will be helpful anytime – not just when you may be eager to sell.

Power Wash – Pressure wash your driveway and home exterior.  Repair any cracks or stains on your pavement.

Landscaping – Replace patches of your lawn that aren’t green, trim back any overgrown trees, freshen up flower beds.

Roof and Gutters – Replace any missing shingles, repair or realign gutters – and make sure they are clean.

Front Door – Repair any chips or cracks and give it a fresh coat of paint – a nice vibrant color!

Mailbox – If it isn’t in good condition, replace it with a new one.

Walls and Baseboards – Repair any damages from decor or wall art; freshen up with a neutral coat of paint.   Freshening up those baseboards and other trim will really make your home feel like new!

Ceilings – It’s worth it to have the popcorn ceiling scraped off – if you have it – and repaint.

Doors – Check to make sure doors aren’t sticking or squeaking; hardware should be operating.  Repaint if needed.

 

Contact one of Richmond’s leading homebuilders, CraftMaster Homes, when you are ready to design your next new home. CraftMaster builds new homes in Chesterfield, Midlothian, Henrico, Hanover, and Dinwiddie.

 

Paint Perfection – Neutrals

Categories: Building a New Home, Chesterfield New Homes, Hanover New Homes, Paint Colors, Uncategorized | Posted: June 20, 2017

Our Favorite Paint Colors

When meeting with our clients for their new home selections, we find many are seeking the perfect neutral.  Of course greige is all the rage, but there are other neutrals that hint at green and blue.  Many of the popular grays, beiges and whites actually have other colors as their base.  Think – purply gray, bluish gray.  Once it goes up on the wall, you will notice the undertones and sometimes if you don’t do a little research – that perfect color might not be what you thought!   

After deciding which neutral feel we want in our models (warm or cool), one trick our designers use to find the right neutral is to pick a color on the swatch and then move all the way down to the darkest hue.  That dark hue will be the undertone your neutral emit.  If the darkest hue looks purple, your gray will have a hint of purple behind it.

Click on our favorite Porter Paints (PPG) neutrals below, to see them in our model homes.  

PPG1025-3                PPG1010-2

 PPG1029-3              PPG1002-2

  PPG14-07                PPG1010-1

When personalizing your new home with CraftMaster Homes, our Design Consultant can assist you with choosing elements that express who you are.  Paint color is the base of your home design.  If you are searching for that perfect neutral, pick a few that you like, then check the undertone – that darkest hue on the swatch and you’ll know right away if that’s the one for you! 

Contact one of Richmond’s leading homebuilders, CraftMaster Homes, to get started on your design today. CraftMaster builds new homes in Chesterfield, Midlothian, Henrico, Hanover, and Dinwiddie.

CraftMaster Homes in Collington

Categories: Chesterfield New Homes, Midlothian New Homes, Neighborhoods | Posted: June 13, 2017

Nature’s best with Chesterfield’s finest

The community of Collington in Chesterfield is surrounded by 1,000 acres of wooded preserve.  This master-planned community has all the resort-style amenities one could want nestled in a setting that gives residents easy access to nature trails and open spaces.  Great recreation and gathering spaces make getting to know and meet up with your neighbors part of the lifestyle at Collington.   Convenient to downtown Richmond and area shopping hubs, Collington is just 20-25 minutes away.

CraftMaster Homes and Collington are  a match made for you!    We have several floor plans available to meet the needs of your family – whether your family is growing or you are choosing to downsize a bit.   Our home plans feature Craftsman Designed Elevations, Open Concept First Floors, Lofts and Media Rooms, Custom Built-Ins and Trim.  Our Furnished Model is open daily 12 noon -6 p.m.  10000 Paddock Wood Terrace.

Contact a member of our Sales Team to set up an appointment with one of our New Home Advisors – learn more about available homes in Collington!

Contact one of Richmond’s leading homebuilders, CraftMaster Homes, to get started on your design today. CraftMaster builds new homes in Chesterfield, Midlothian, Henrico, Hanover, and Dinwiddie.

 

Backyard and Outdoor Living Ideas

Categories: Chesterfield New Homes, Richmond Area New Home Builder, Unique Features | Posted: June 6, 2017

The long days of summer are on the horizon…

Backyards are perking up for recreation and relaxation.   There are lots of simple ways to dress up your porch and patio this summer!  Think – pallets, pavers, reclaimed wood and paint!

Greenyard.us has some great ideas for the green space outside your home.  Whether it is your lawn, garden, porch or patio areas, we found some great ideas to add interest and beauty to your home – all without busting your budget.  Some of our favorites are:

If you are looking to add a little more to add a little more zazz to your outdoor space, at Outdoor Kitchen Creations in Rockville, VA you can find a great variety of products for your outdoor spaces.  James River Nurseries‘ new Hardscape Division provides design and installation of beautiful paver patios.

At CraftMaster Homes, we offer a variety of plans and features that incorporate outdoor living areas into your home.  Brick and country wooden porches, screened porches, paver and concrete patios bring value to your home and added space for family living.

 

Contact one of Richmond’s leading homebuilders, CraftMaster Homes, to get started on your design today. CraftMaster builds new homes in Chesterfield, Midlothian, Henrico, Hanover, and Dinwiddie.

 

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