Dear Future Homeowner,
This page explains what is expected of you and what you can expect from us as we help you become a homeowner. Here are the steps you need to take to own your own home:
1. APPLY ONLINE
You will immediately receive an email confirming that your application has been received and requesting that you call us to schedule an appointment to finalize your approval. There is no application fee and no money whatsoever is paid until you submit an actual purchase agreement for the home you ultimately choose. And, that won't occur until after you are approved.
Approval usually occurs within 24 hours from your appointment with us and at that time you will know that exact approval amount of the home you are able to purchase. And, as an approved buyer you will get advance information on newly acquired properties long before they are advertised on our website or in the newspaper.
2. Drive by the new homes we offer and come to the open houses. (Usually on Sunday afternoons) We can answer questions and you can learn about the homes, neighborhoods and prices. We also will conduct private showings once you are approved.
3. After you are approved no money is due until you submit an actual purchase agreement for the home you've ultimately chosen. Upon submission of the purchase agreement $1250 is paid and credited towards your down payment. We will schedule a closing date to be held at the attorney's office or our servicing agent's office. Your remaining down payment balance and closing costs ($850) are due at closing in the form of certified funds, wire transfer, cashier's check, etc. No personal checks are allowed at closing. As soon as closing is complete you are given the keys to your new home.
We are able to extend, based on your credit and situation, an interest rate of between 7.9% and 10.9% and although this is lower than the interest rate offered to individuals with credit challenges by some banks and mortgage companies, we still encourage you to refinance as soon as you can to achieve an even lower monthly payment. Whether it is next year or five years from now, we will assist by reporting your on-time payment history when you apply for the new loan. We structure the transaction as a Contract for Deed that allows you to take possession of the deed once you rebuild your credit and refinance conventionally in the future.
4. Monthly payments are required to be automatically deducted from your bank account. This will occur on the same day every month and you must have sufficient available funds in your account to cover your payment each and every month. We are very strict about timely payment and make no exceptions to our enforcement of these. We charge late fees and bank charges if the bank draft doesn't clear and require the payment including the late fees to be made with a cashier's check immediately.
5. Your monthly payment will include both the principal and interest on a 30-year amortized and fixed rate loan. In addition, you will pay the estimated amount for taxes, servicing agent fees and insurance as part of your monthly payment. The servicing agent will escrow these amounts and disburse directly to the county tax collector and insurance company. There are no surprises at the end of the year.
6. This house is yours and you have taken possession of it in as-is condition. We will not pay any bills or reimburse you for repairs, maintenance or expenses. You can improve it, paint it, change the wallpaper, have more kids there, have pets, whatever. Bottom Line, we want you to enjoy your home, improve your credit and achieve the goal of refinancing.
7. If you still have questions please call John Cone at 636-336-0022 for additional information and assistance.
Talk to a Real Person: 636-336-0022
or email: info@missourihomeowner.com
