Frequently Asked Questions

1. I want to buy a Maronda Home.  What should I do first?
2. I've signed the contract for my new home, what's the first step in securing my loan?
3. What documents will I need to have in order to secure my loan?
4. When will the construction of my new home begin?
5. How long will it take to get a loan and close on a move-in-ready home?
6. Will my new home purchase require more cash than my down payment?
7. How do I make sure I stay qualified for my loan once I've been pre-approved?
8. What's an APR?
9. What's a credit score, or a FICO score, and why does it matter?
10. Can you help me improve my credit score?

1.  I want to buy a Maronda Home.  What should I do first?

The first thing you should do is visit a Maronda Homes model. Here, a helpful sales consultant will help you complete a pre-qualification form, and help you understand what you can comfortably afford. Find a home in your area today by searching through our new home locations. 

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2.  I've signed the contract for my new home, what's the first step in securing my loan?

Once you complete your application packet and provide the necessary documents, the loan process can begin. It’s good to provide these documents within a few days after signing to start the construction of your new home. Since our loan officer works closely with your Maronda sales representative, we generally try to time this process just right – so you can close on your loan by the time you’re ready to move into your new home.

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3.  What documents will I need to have in order to secure my loan?

You may click on the "Items Needed" link below to print a checklist of documents and information that are generally required in order to complete your loan application. Additional documentation may be required, depending on the circumstances of your loan. By having this information available, you’ll save time and avoid delays.  Items Needed

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4.  When will the construction of my new home begin?

Once Maronda Homes accepts your signed, new home offer, you’ll receive a package of documents to complete. Sign and return these forms, along with the other documents your MFC loan officer has asked you to send.  Once we’ve received everything we need from you, the construction process will begin by gaining a building permit from the municipality. 

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5. How long will it take to get a loan and close on a move-in-ready home?

It typically takes about 30 days to get your loan and close. The largest factor is determined by how quickly you can provide MFC with your completed loan application and all of the necessary documents. To find out what documents you need, please refer to Question 3.

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6.  Will my home purchase require more cash than my down payment? 

This will depend on several financing factors, including the type of loan and interest rate. Your MFC Loan Officer will provide you with a ‘Good Faith Estimate’ to let you know how much you’ll need to bring to closing – so you can plan ahead. 

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7.  How do I make sure I stay qualified for my loan once I've been pre-qualified? 

Make sure to speak with your MFC Loan Officer before making any major purchases or opening additional lines of credit. Buying items like appliances and cars, or opening new credit cards can affect your loan eligibility. Also, make sure to pay all of your bills on time to stay qualified for your new home. If you have any questions, please contact your MFC Loan Officer. 

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8.  What's an APR?

The Annual Percentage Rate is the actual cost of the mortgage, based on the mortgage interest rate and factoring in other costs, including points paid and underwriting and processing fees

The Federal Truth-in-Lending law requires mortgage companies to disclose the APR when they advertise a rate. Typically the APR is found next to the rate.  The following is a sample APR:

Remember, the APR does NOT determine your monthly payments. Your  payment is determined by your interest rate, loan term, and amount borrowed. 

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9.  What's a credit score, or a FICO score, and why does it matter?

A credit score determines the likelihood that a credit user will pay his or her bills. This method is widely accepted by lenders as a reliable means of credit evaluation.

These scores are used to analyze  a borrower's credit history considering numerous factors such as:

• Late payments

• The amount of time credit has been established

• The amount of credit used versus the amount of credit available

• The length of time spent at present residence

• Any negative credit information such as bankruptcies, charge-offs, collections, etc.

While it’s difficult to increase your score in the short run, your loan officer may enroll you in our Gold Key program to improve your credit score. Below are some tips that may also increase your score: 

• Always pay your bills on time. Late payments and collections can have a serious impact on your score.
• Do not apply for credit frequently. Having a large number of inquiries on your credit report can worsen your score.
• Reduce your credit-card balances. If you’ve "maxed" out any of your credit cards, your credit score will be affected negatively.
• If you have limited credit, obtain additional credit. Not having sufficient credit can affect your score.

To obtain a copy of your credit report, contact any of these credit-reporting agencies:

• Experian, www.experian.com
• Trans Union LLC, www.transunion.com
• Equifax www.equifax.com

10.  Report any erros on your Credit Report

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Can you help me improve my credit score?

Yes, MFC Mortgage offers a special program for Maronda Homes’ buyers to help improve credit scores. Ask your loan officer about the Gold Key program today. 

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