Why should I purchase a new home?
A home is an investment. When you rent, you write a monthly check and that money is gone forever. When you own a home, however, you can deduct the cost of your mortgage loan interest from your income taxes. You can also deduct the property taxes you pay as a homeowner. Not to mention, you will enjoy having something that’s all yours – a brand new home created with your own personal style.
How do I find out how much I can afford to spend on a new home?
To find out how much you can afford on your new home, you should contact a mortgage lender and ask for a ‘pre-qualification’. The mortgage lender will estimate how much you can afford based on debt, income and credit. There are no fees or paperwork involved at the pre-qualification step, it is simply an estimate of affordability based on the information you provide.
What is the difference between being pre-qualified and pre-approved for a mortgage?
Typically you will first pre-qualify for a mortgage, then get pre-approved before you have found the perfect home for you and your family. Pre-qualification is an informal determination by a lender or mortgage broker stating how much mortgage you can afford. Pre-approval is a guarantee in writing by a lender to grant you a specified loan amount.
What is a typical loan process?
There are three main steps to securing a new home loan:
1. Loan Application
– once your offer is accepted, you must complete a loan application to secure your mortgage. This involves paperwork supporting your loan application, such as pay stubs, tax returns, account statements, and you may be asked to supply a couple more documents; Your lender will help you organize what’s needed.
2. Property Inspection, Appraisal and Title Search
– most loans require an inspection of the property, appraisal of the property value, and a search for liens against the property.
3. Final Loan Approval
– Once all the above information is submitted and approved, you will receive a final loan approval and then able to proceed with the closing of your new home.
I noticed that CCH has a list of preferred lenders. Do I have to use one of these vendors?
We encourage you to use a CCH preferred lender although it is not required. We recommend these lenders because we have worked with them many times and have confidence that they will take good care of you. The lenders we have chosen prove to have the most competitive rates and loan programs, value customer satisfaction, and consistently deliver on-time closings. Although you are not required to use one of our lenders, we feel so strongly that your buying process will be smoother with the use of our preferred lenders that we offer additional closing cost assistance when you chose a CCH preferred lender.
In addition to the mortgage payment, what other costs should I consider?
In addition to your mortgage payment you will have utility expenses. Depending on the community, you may have homeowner association dues; your agent will be able to help you obtain this information. You should also consider property taxes. If you are looking at a home site within city limits, make sure to factor in those costs as well. Again, your agent will be able to help you.
What is involved with building a new home?
Building your CCH Home is easy, and below are some basic step-by-step guidelines:
- Start by choosing the floor plan and home site that is right for you.
- Next you will write a contract on your new CCH Home, and choose your home’s features and selections (ie: countertops, flooring, cabinets, etc.).
- You will then attend a ‘pre-construction’ meeting with your dedicated CCH Field Manager to review the construction process, as well as the features you have selected for your new home.
- Once the electrical work is complete, your Field Manager will schedule a ‘pre-dry-wall’ meeting for you to review all construction up to this point.
- Once your home has passed inspections and is complete, your Field Manager will schedule a pre-closing orientation. During this meeting, your Field Manager will review all the details of your new CCH Home with you, as well as explain tips for home maintenance and go over your warranty program.
- Finally, it is time to close on your brand new CCH Home! Your lender will contact you with your final figures, so that you are prepared with all the documents you will need to settle. At closing, you will receive the keys to your new CCH home and sign all the necessary documentation and you’re ready to move in!
What fees are involved in purchasing a home from Capitol City Homes?
There are not many fees involved, just an earnest money check that you pay at the time of your contract, and then your settlement fees which are paid at time of closing.
Earnest money amounts vary by community and depend on the price of your home. Your earnest money deposit is then credited towards the purchase price of your home at closing.
Settlement costs, or closing costs, are fees associated with obtaining your new loan as well as miscellaneous fees such as home appraisal, taxes, survey, etc. Your mortgage lender will provide you with an estimate of closing costs early in the buying process. Closing costs generally run around 3% of your purchase price.
I have a home to sell. Can I still build a CCH home?
Absolutely! We can write a “Contingent Contract” meaning that we will begin the process of building your brand new, CCH home while you market your current property.
How do I find the community that best fits mine and my family’s needs?
While our team at CCH is happy to help you in any way that we can, we recommend that you work with a local Buyer’s Agent. He or she will have a lot of experience and will be better able to help you with all aspects of your search. If you are not familiar with any local Real Estate Agents or Firms, we are happy to recommend agents we have worked with previously and know will be able to help you.
What kind of warranty does CCH offer and what is included?
While CCH strives to build a defect-free home, we are realistic and know that mistakes are sometimes made, or that something in your home may not function as intended. When either occurs, CCH will make necessary corrections. Please see below for our outlined warranty guidelines.
– CCH warrants that your home will be free from defects in workmanship and materials. We will conduct a 1 month, 6 month, and 11 month warranty check on your home.
1st and 2nd Year
– CCH warrants that your home will be free from major structural defects, and that the cooling, heating, ventilating, electrical and plumbing systems.
If I have a warranty item to report after I move in, who should I call?
CCH has a dedicated customer service department that will work with you to remedy any warranted items. After you close with CCH, you can visit our website, www.capitolcity-homes.com , and click on the Warranty link to submit your request. A CCH representative will get in touch with you within one business day. Or don’t hesitate to give us a call at 919.872.0048.
Do you have any advice or tips for caring for my new CCH home? How can I make the most out of my home and its many features?
Once your home is almost complete, your field manager will contact you to schedule your homeowner maintenance orientation. This meeting is an introduction to your new home and its many features. Appointments are made at your home site, Monday through Friday between 8 a.m. and 3 p.m.
Orientations typically take between two and three hours, so please plan accordingly. In addition to familiarizing you with your new home, you will also receive a CCH Homeowner’s Manual. This manual outlines homeowner use and maintenance guidelines, manufacturers’ information, and outlines your one- and two-year warranties.