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 We'll help you manage the sometimes time-consuming, complex financial aspect of buying a new home and make sure this part of The Lyon's Path is smooth sailing.  The William Lyon Financial team that pre-qualified you for your loan will also help you navigate the other financial aspects of your new home-buying experience. Our mortgage team is used to working closely with our sales representatives; we share compatible systems and the same commitment to excellence. Together, William Lyon Financial and William Lyon Homes monitor the loan process to synchronize it with the construction timetable and prevent delays in the close of escrow. This convenience pays for itself and is the primary reason why very few of our homebuyers choose outside lenders. Your William Lyon Financial Loan Officer will: • Present you with the various loan options available and explain current interest rates to help you choose the right loan for your needs. • Cover the nuts and bolts of mortgage insurance, title insurance, escrows and appraisals. Ask as many questions as you like. Your William Lyon Loan Processor will: • Handle all the nitty-gritty details of the loan you select. • Stay by your side until the process is complete. |
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 Once your purchase agreement is signed, you'll open escrow with a deposit check that will be cashed and held in an escrow account. “Acceptance of Deposit” means that we will hold your home off the market. At the same time, you are agreeing to begin the loan approval process in good faith and to close escrow. You are considered to be in escrow until your home has closed and the title has been successfully transferred to you. Duxford Escrow is a neutral third party and acts as the holding agent of documents and funds until all conditions determined by the purchase agreement and escrow instructions are met. All escrow companies are government-regulated and required to maintain impartiality across all transactions. Duxford Escrow has helped thousands of our new homebuyers over the years. Because of this long-standing relationship, they are very familiar with our process and systems and can more easily access all of the documents needed to close your escrow. They understand that your time is valuable and will send someone to your home, office or even your local coffee shop to obtain your signature. Duxford Escrow is committed to accuracy, convenience and to providing the level of service you deserve.  You are required to get loan approval within 45 days of signing your purchase agreement to assure that you have the means to purchase your home at close of escrow. Expect to hear from your Loan Processor shortly after submitting your complete loan package to the lender. Many variables can affect the timing of loan approval, so stay engaged in the process. Provide the necessary documentation promptly and accurately, and set an estimated time frame for expected approval with your Loan Officer.  Protect yourself from rising interest rates by guaranteeing your loan interest rate and loan terms for a specified period of time. Lock-in rates can expire in 10 to 360 days depending on your specific loan terms. Try to allow some cushion to cover any delays in construction. Your Loan Officer will be in direct contact with your Sales Representative and will call you 60 days prior to closing escrow. Work with your Loan Officer to monitor interest rates and evaluate programs (fixed versus adjustable rate mortgages, for example) to find the best loan package for you. Important: Your Loan Officer cannot lock in your rate without your express written permission.  You may be able to finance upgrades and options such as flooring, window coverings, countertops and cabinets as part of your loan. You'll want to calculate an estimated options budget during your loan negotiation process. Ultimately, if you plan to finance your options, the number of upgrades you can purchase will depend on the loan amount you qualify for and the appraisal of your property. Tips • Upgrades increase your purchase price, so be sure to consider tax and other fiscal implications in your decision-making. • Resist the temptation to make any major credit purchase such as new car or new furniture until after escrow closes. Lenders frequently re-evaluate your debt-to-income ratio just before the close of escrow and large new credit purchases may result in denial of your loan. |
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