The Path Home

The home mortgage process can be confusing even to an experienced home buyer. We aim to change that at Taylor Morrison. We feel that the more you understand the process, the easier the whole experience will be.  At Taylor Morrison Home Funding, your mortgage loan consultant keeps in contact with Taylor Morrison’s construction department. That way, we can stay one step ahead and minimize any unwanted delays in the completion of your home.

 

Want to start right now? Here's a step-by-step explanation of the home mortgage process.. You can also check out our , Frequently Asked Questions and the Mortgage Glossary. Please remember that while there is a lot of information here, your Taylor Morrison Home Funding loan consultant will help you along the way

Pre-Application

Before the actual home loan process begins, we gather information about your income and debts and figure out how much you can afford to borrow. There are many different programs available, which can result in different pre-application loan amounts. We'll help you pick the ones that best fit your situation. We will also order a credit report and run your home loan through an automated underwriting system.

We review your credit report and verify your debts and payment histories. If there are late payments, collections for judgments or other concerns, we get a written explanation from you, which may clear up any of these types of issues. We order a property appraisal and review for value. Title and homeowner's insurance is ordered. A complete package is put together for final approval.

Underwriting

Underwriting is where we make sure your home loan package meets all lender requirements. At this point we have gathered most of the information an underwriter may need but there will be additional questions and it is important that any requests to answer any outstanding issues are addressed quickly.

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.