Our desire is to make the mortgage process easy on you. By working hand-in-hand with our partners in Mortagage Financing, we can get answers to most questions directly from the source. We are here for you.
Taurus Homes wants you to be as informed and comfortable as possible with your buying decision. Use this step-by-step explanation of the mortgage process to clear up any mysteries. Our Financing FAQ and Mortgage Terms offer valuable information below.

Step 1: Pre-Qualification
Before the loan process begins, you will generally go through a pre-qualification process. During this process, we gather information about your income and debts, and make a financial determination of the loan amount you may be able to afford. Different loan programs generally offer different values, so be sure to get a pre-qualification for each type of loan for which you are suited.
Step 2: Opening the File
Usually between days three and 10 following pre-qualification, we order a property appraisal and property survey to get an accurate view of the value of the property you are looking to purchase. The lender will also order credit reports, and necessary verifications of employment (VOE) and bank deposits (VOD) and any other documents needed for the processing of the loan. All your information is reviewed, and a list of necessary items not yet received is compiled.
Step 3: Processing
Usually between days five and 25 following pre-qualification, our "processor" reviews your credit reports and verifies your debts and payment histories as the VODs and VOEs are returned. The processor's job is to put together a complete package that can be underwritten by the lender. If our processor notes late payments, collections for judgments, or other areas of concern, they will request a written explanation from you. The processor then reviews the appraisal and survey information, checking for property issues that may require further discernment.
Step 4: Underwriting
Usually between days 15 and 25 following pre-qualification, the lender receives the complete file for underwriting. The underwriter is responsible for determining whether the combined package delivered by our processor meets all the lender's criteria. If the underwriter requires additional information, the loan is put in "suspense" and you are contacted and requested to supply additional information. Mortgage Insurance Underwriting
If you pay less than 20% of the loan amount as a down payment, your loan will be submitted to a private mortgage guaranty insurer, who provides extra insurance to the lender in case of default. As above, if more information is needed, the loan goes into suspense (and you will be requested to provide more information). Otherwise, it is usually returned to the mortgage company within 48 hours.

Step 5: Pre-Closing
Usually between days 20 and 30 after pre-qualification, the title insurance is ordered, any approval contingencies are met, and a closing time is scheduled.
Step 6: Closing
Usually between 30 and 45 days after pre-qualification, the lender "funds" the loan with a cashier's check, draft or wire to the selling party in exchange for the title to the property. This is the point at which you finish the loan process and actually buy the house. Depending on where you live and applicable requirements, you may close at the closing attorney's office, or that of the title or escrow company.

Q: What is the largest loan I can qualify for?
A: Most mortgage lenders will qualify a potential borrower for a mortgage amount of about 2 to 2 1/2 times his or her gross salary.
Q: How much mortgage interest may I deduct on my federal income tax?
A: Homeowners may deduct up to one million dollars for mortgage interest paid on first and second homes as well as any improvements made to those homes.
Q: How can I reduce my payments over the life of my mortgage?
A: Reducing the length of your loan (for example: a 15- or 10-year term versus a 30-year term) will drastically reduce the interest you pay over the life of your loan. You may also make additional principal payments (curtailments) to reduce the interest paid.
Q: How accurate is the mortgage calculator?
A: The mortgage calculator gives you a very accurate look at the principal and interest payments on your loan. However, you must remember that taxes (such as city and county property tax) and insurance (if applicable) will also be added onto your monthly payments.
Q: How much can I expect to pay at closing?
A: Typical closing costs can range from 3 to 8 percent of your total loan amount. A safe estimate is 8%.
Q: When should I consider refinancing my mortgage?
A: Lenders normally recommend refinancing a mortgage if the market rate is one or more percentage points below the rate on the loan.
Q: What is a "point?"
A: In lending terms, a point is equal to one percent of your loan amount. Paying points up front can lower your overall interest rate.