Frequently Asked Questions
Q. When do I apply for a loan with TFC Mortgage?
A. After you submit a deposit to purchase your Fieldstone home, a TFC
Mortgage representative will provide you with a loan application. You
will be required to bring in the completed loan application (along with
your check for credit and appraisal) when you sign the Master Customer
Agreement, Escrow will be opened after you have signed the MCA.
Q. What's the difference between a Pre-Qualification and an Up-Front
Approval1?
A. A pre-qualification is issued based on an overview of your credit,
income and projected loan amount with your TFC Mortgage Counselor. The
Up-Front Approval is issued by TFC Mortgage as a conditional loan
approval, subject to certain conditions which vary depending on the type
of loan you want and the terms of your purchase.
Q. What are the advantages of using TFC Mortgage instead of another
lender?
A. As an in-house lender, we work directly with the sales office and
construction teams on a weekly basis to ensure a timely and smooth
Escrow process. When constructing a new home, crucial timetables must be
met. Lenders unfamiliar with these timetables may prevent you from being
allowed to add option items into your loan, or may have numerous
conditions that may prevent you from closing Escrow on time. No one
appreciates “surprises” at the end of a long Escrow.
TFC Mortgage will not add extra fees to your costs. You are charged
actual costs on all third party fees and you are not charged for ANY
service that is not provided.
The Mortgage Counselors are held responsible for timely closings. Your
loan file is reviewed at a weekly meeting that includes the management
of Fieldstone Communities and the TFC Mortgage Counselors. Information
is shared daily through the Fieldstone Intranet.
Q. If I do not use TFC Mortgage, what additional responsibilities
do I have?
A. You will likely have to take a more hands-on approach throughout
your Escrow to make sure the other lender takes all necessary action
within the required time periods per your sales contact. Most mortgage
lenders are not accustomed to such a long Escrow period and may be
reluctant to issue a loan approval so early in the process. They may
also require you to pay up-front money in order to obtain a
pre-approval.
Q. What happens after completing and signing my loan application?
A. First, you will receive additional regulatory disclosure
information from the lender. This includes a copy of the Good Faith
Estimate and Truth in Lending Statement. You will be required to sign
and return these forms. Any questions should be directed to your
Mortgage Counselor. Next, you will receive your pre-approval letter from
TFC Mortgage approximately thirty (30) days after your application is
submitted.
Q. Are the deposits I give Fieldstone Communities up-front and at the
HomeFitting Center part of my down payment?
A. All deposits that you give to Fieldstone Communities are part of
your down payment. Your TFC Mortgage Counselor will tell you the final
amount that will make up your total down payment at closing, determined
by your loan package.
Q. How can I find out what I can afford to spend at the HomeFitting
Center?
A. When you complete your loan application, your Mortgage Counselor
will discuss your options regarding upgrades, selections, and changes.
The costs of these items may be included in the total loan amount
requested.
Q. When can I make my HomeFitting selections?
A. Your Sales Counselor will advise you of the time frames for
making your Stage One and Stage Two selections. You will have a good
idea of your budget amount based on your initial prequalification and
loan application when you talk with your Mortgage Counselor.
Q. What happens if I have experienced a bankruptcy or foreclosure?
A. There are many different loan programs available, including ones
which are specifically designed for our customers who have experienced
these events. You can talk confidentially with your Mortgage Counselor
regarding your specific needs.
Q. When can I "lock in" my loan rate?
A. Typically your loan rate is fixed or "locked" thirty (30) days
prior to your close of Escrow. You may purchase a longer period for your
"lock" by increasing the loan's points. Your Mortgage Counselor can
counsel you on the different options and costs. Your Sales Counselor
will help you decide when to lock.
Q. How do I pay my down payment and closing costs?
A. After you lock your interest rate, your loan documents will be
sent to the Escrow company. Your Escrow officer will contact you with
the amount of funds needed at the time you sign your loan documents. You
can either wire this money directly to the Escrow office or obtain a
cashier’s check. Your Escrow officer can instruct you on this process.
You and your Escrow officer will schedule your appointment to sign your
loan document.
Q. When does my loan fund?
A. After you have signed your loan documents and the lender funds
your loan (typically 2-3 days after signing the loan documents), Escrow
will be notified and the deed will be recorded. Escrow will notify the
Sales Office and your keys will be released to you.
For additional information or to contact a TFC Mortgage Counselor, go to
www.tfc-mortgage.com
1Up-Front Approval is subject to
satisfactory appraisal and title review and no change in financial
condition. If the rate is not locked or rate protection expires, any
rate increase may lower the loan amount for which the borrower has been
pre-approved
Equal Housing Lender. ©2006 Countrywide Mortgage
Ventures, LLC, d/b/a TFC Mortgage, 27001 Agoura Road, Suite 200,
Calabasas Hills, California 91301. Trade/servicemarks are the property
of Countrywide Mortgage Ventures, LLC, or Countrywide Financial
Corporation. Countrywide and the associated house logo reg. U.S. Pat. &
Tm. Off. Licensed by the Department of Corporations under the California
Residential Mortgage Lending Act. For CA properties only. Some products
may not be available in all states where Countrywide Mortgage Ventures
operates. This is not a commitment to lend. Restrictions apply. All
rights reserved. TFC Mortgage, 75 Enterprise, Aliso Viejo, CA 92656
(949) 330-7760. TFC Mortgage and Fieldstone Homes are independently
responsible for the products and services each company offers. (10/06).