Answers to your Financing FAQ

Thinking about purchasing a new home, but unsure about the financing process? Scott Smith of Primary Residential Mortgage answers several of your FAQ including:
How do I apply for a home loan?
What do I need to apply for a loan?
How long will it take to get approved?
How are interest rates determined?
What is the difference between "locking" and "floating" an interest rate?

The Life of a "Parade of Homes" House

Like many of you, I LOVE the Parade of Homes! It is an exciting opportunity to see what is going on in the world of interior design and new homes. I always end up with tons of notes and photos of things I want to try in my own home.

Well... McArthur Homes is excited to announce that we will be participating in the Utah County Parade of Homes this June! For all you Parade of Homes lovers, we will document the construction and design process of our entry home. We'll give you an inside look at what goes into building a stunning model home for the Parade of Homes, and give you ideas for your own home along the way!

Our Parade of Homes entry will feature a BRAND NEW 2-Story Home Design in our popular Thanksgiving Meadows neighborhood. This new Cordova design is so flexible and perfect for growing families. Our model will feature a large master bedroom with bonus master retreat, two extra bedrooms upstairs and a handy loft/study area for the kids to do homework. On the main floor their are fun features such as a mud room with "drop zone" cabinetry for mail, keys etc. and plenty of built in cubbies for backpacks and coats! (Floorplan pics coming soon.)

Our interior design experts from Pace Interiors are getting started on the interior selections for our Parade of Homes house. Here's a sneak peak at what they've been working on at our Award Winning New Home Design Studio.

Coming up, we'll share their recommendations for top styles and products for your home. In the meantime, we'd love to hear your opinions! What's your favorite part of attending the Parade of Homes? Is there a home or feature that was so impressive that you still remember when you saw it at a Parade of Homes entry? Leave a comment, or share with us on Facebook!

Where NOT to Save Money on Your New Home

Sounds strange doesn't it? Why would you not want to save money? Well, let me tell you...

The best place to spend money on your new home is when choosing your lot and location. Everyone knows the saying, "location, location, location." Choosing a good location both in the area you choose to live and in the exact location of your home within the community is a big deal. Think about it. Why would you choose a location just because its "cheaper?" You want the best for your new home and that means finding the right location for you. Whether that means something family friendly, urban cool or just a great location for your commute. The bottom line is, where you live matters to you, and when you go to sell your home location will play a big part in the price you can get for your home.

For instance, McArthur Homes is building beautiful new homes in a brand new neighborhood at a fantastic location. Herriman Towne Center, located at the heart of Herriman, is across the street from the Herriman City Library, elementary school and brand new Recreation Center. Your children could be a minute's walk from picking up a new book at the library and you could be only moments away from taking the whole family for a swim at the Recreation Center. Plus the new Legacy Highway is being built about 5 minutes away, creating an easy commute. Check out Herriman Towne Center in person to see all that this beautiful new neighborhood has to offer.
13158 S. Herriman Rose Boulevard, Herriman
or call Jared at 801-662-0156

#1 Home Building Mistake

What is the number one mistake you can make when looking to build your new home? According to Best Home Design, the biggest mistake you can make is not taking the time to find a "Home Builder with Passion." Sounds a little funny, but what does it mean to be a passionate Home Builder?

When you first meet a “Home Builder with Passion”, you will notice their charm, and keen listening skills. They are very similar to a great doctor. Their focus will be entirely on listening to the patient, or you the homebuyer. They will have many questions, which will help them diagnose or determine your needs.

Once they understand your needs and desires… Hang On. They will begin a presentation of ideas and possibilities that will astound you. You are now sensing that they are more than just a Home Builder...

When first meeting with the Home Builder, listen to their story. How are they different from the other Home Builders in the area? How do they capture trends in New Home Building Construction Ideas?

Important – do not make your decision on the lowest bid. Almost anyone can make various cuts to lower their final estimate.

 A Home Builder with Passion is a builder who will listen to what you want in a new home and can offer you the opportunity to make your dreams a reality. They are on the cutting edge of what is relevant in home building today. Most importantly, they feel passionately about home building and providing you, the home buyer with an excellent experience.

McArthur Homes is a family-owned company with a passion for helping other families to enjoy the dream of home ownership. Each of us is interested in helping you, the home buyer by understanding what you want in your new home and helping you to achieve it. Customer satisfaction is so important to us that we survey each home owner after closing using a 3rd party company, and we have found that over 97% of our home owners would recommend us to their friends and family! What do they say they love about McArthur Homes? Read comments for happy new home owners here.

New Home Construction with Jared Berry

McArthur Homes' own, Jared Berry, was recently featured in a youtube video about building a new home. Check him out below!



The video was filmed at our Thanksgiving Point model home. For more information on this golf course neighborhood, or our beautiful model home, click here.

Building a New Home- Part 3, Closing

The final step in building your new home involves getting ready to move and "closing" on your new home. Here are a few tips:

Preparing for Closing
Once your home is nearing completion and you're busy packing and dreaming about your decorating plans, don't forget to set up your utilities! While your builder will physically connect most utilities during construction, it is your responsibility to arrange for service to be provided.
Here is a quick checklist of services you'll want to contact:

Electrical- Rocky Mountain Power: 1-888-221-7070 or City Government
Gas- Questar: 801-324-5111
Telephone- Qwest: 1-800-244-1111 or other local provider
Water- City Government (maybe included in HOA)
Garbage- City Government (maybe included in HOA)
Sewer- City Government (maybe included in HOA)
Local Cable or Satellite Company

At this time you should also touch base with your lender for permanent financing and make certain your lender is ready to close your loan.
Confirm that your lender:
1. Has all personal selection choices and that the total price is correct
2. Has all information from you required by underwriting
3. Has made contact with your title company

Closing
“Closing” (sometimes called settlement) actually refers to a variety of activities that must occur to transfer Ownership of the property to you. It involves the following:
1. Your lender prepares and delivers all necessary documents to your title company
2. Buyers (you) sign documents at title company office
3. Buyers (your) provide down payment to title company- this should be in the form of a Cashier's Check
4. Any lender insurance such as FHA may require paperwork to be completed. This is also coordinated by you through your lender.
5. Your lender must fund the loan; meaning the money must be sent to and received by your title company
6. Sellers (your builder) sign closing documents provided by title company
7. When all of the above are completed, your title company personnel will personally visit the County Recorder’s office and “record” the deed conveying title to you.

Only when all these have been completed, is the transfer of Ownership complete. Although you can sign all of the documents in just an hour or two, it usually takes until the next business day for the loan to fund and recording to occur. So if all goes smoothly, you will usually receive the keys to your new home the business day following your visit to the title company.

Now comes the fun work of moving in and setting up your new home! Congratulations!

For more details on the home closing process, visit McArthur Homes website by clicking here.

Building a New Home- Part 2, Construction

After completing all of the paperwork, design selections and deposits (see Building a New Home- Part 1), it's time for the really exciting part to start- the construction of your brand new home!

PACKAGE & PERMIT
First, your builder will be doing all of the "behind the scenes" work, like creating a construction package which includes purchase orders for everything that will go in your new home. A superintendent will be  in charge of coordinating with all of the trade partners such as concrete, flooring, cabinetry, framing etc. This is the person who will keep your home on track throughout the construction process. Your builder will also apply for a city building permit. Depending on the city and the builder, these preliminary steps can take several weeks to a month or more. Then its time for the real building to start.

FOUNDATION

Using the approved plot plan, your superintendent will stake out the corners of the home on the property and provide instruction to the excavator on the depth of the hole. The depth of the hole is approximately 60" below the top of the curb for homes with a 30' setback, more for homes closer to the curb. After excavation (digging), a concrete company will pour your footing and foundation. Damp proofing will be applied to the foundation and then dirt will be filled in around the foundation. The fill dirt should be well compacted either by a settle-soaking method or using compaction machinery. The concrete company will also pour your basement and garage slabs in preparation for framing.

FRAMING
Perhaps the most exciting time during construction is the framing stage, where the entire shape of the house takes form. It can seem like the house is built "overnight" but complete framing usually takes 7-10 business days.

4-WAY
Immediately following framing, the rough-in heating, plumbing and electrical work are completed. An important city inspection, known as the 4-way inspection, signals the end of this phase and the OK to proceed to insulation and drywall. Your builder may also do a 4-way or Pre-drywall inspection with you to review with you the progress of your home prior to the installation of the drywall. The inspection is a good opportunity to gain a better understanding of how your house is built.

DRYWALL & PAINT

Once 4-way Inspections are complete, insulation will be installed and the drywall is hung followed by several coats of taping, mudding and texturing. Following drywall, the interior doors are hung and finish carpentry is started. Certain areas of the floor will not have baseboards installed at this time. Areas where there will be vinyl or other hard surface flooring will have baseboards installed after the flooring to insure a tight fit.

Preliminary painting will be completed next. Depending on your builder, trim may be painted a different color than your walls for a two-tone effect. When painting is completed, there may still be areas that will require further touch-up. During the next phases of construction, walls will be bumped, scratched and marked as other contractors work on the home. Don't worry! The painter will return and touch-up all needed areas before closing.

EXTERIOR FINISHES
Completion of the exterior of your home will move forward independent of work being done on the inside and may be subject to weather conditions. Exterior work on your home will typically include brown coating and stucco, brick or stone installation, fascia/soffit/raingutter installation, site concrete such as sidewalks and driveways and decks or landings.

INTERIOR FINISHES

After the painting is completed, things seem to go rather quickly, and you know it's time to start packing your bags to get ready to move. Typically, you can expect a closing date within about 4-6 weeks of painting completion. This is an exciting time because you get to see all of your personal selections installed as your house really starts to look like a home! Depending on what you chose for your home, interior finishes will include; vinyl, tile, hardwood or other hard surface flooring, cabinet installation, countertop installation, plumbing fixtures set, fireplace mantle set, electrical wiring completed and lighting installed, mirrors and other bathroom hardware installed, door knobs installed and doors hung, carpet installation and a construction clean to get rid of debris.

FINAL INSPECTION
Your home will go through many final inspections including a city inspection, a company inspection by your builder and a New Home Orientation, which is your opportunity to walk through the home with the builder's representative. At your New Home Orientation you should have the opportunity to become familiar with the operation of many features and appliances in your home. Brief instructions for caring for your new home should be shared by the builder's expert representative. Also, any questions or concerns regarding construction of the home should be resolved.

Congratulations! Your new home is now complete! Look for our upcoming article on the final steps of Building a New Home, including preparing to move, closing, moving-in, and your new home warranty. For more questions on the building process, see McArthur Homes' home owner guide by clicking here.

Please feel free to share this article with anyone you know who may be building a new home now or in the future. Thanks!

5 Tips from Home Owners to First-Time Home Buyers

I put a quick message out on Facebook asking home owners what tips they would give to a first-time home buyer. They came up with some great advice!

Here are 5 tips to keep in mind when purchasing your first home:

1. Meet with a lender to see what you qualify for before you start shopping. This is step number one. -Dallas Jensen

2. Think about lights! Where would you natural try to flip a light switch, and where would you want any extra lights? Under the stairs? In a closet? Extra lighting in the bathrooms and kitchen? -Miranda Price

3. Shop around and do your homework. Every builder has a different style. Also, make sure the layout of the rooms will work for you. -Melissa Briggs

4. (Think about) Life style, what kind of neighbors do you want? -Loralee Miller

5. Create a "WISH LIST" of pictures that your ideal home would look like. Identify your personal style this way by finding common traits then use the Design Studio to find ways of recreating the look you like within your budget. This is what I did and my house turned out EXACTLY how I wanted it!!! -Sara McArthur

So enjoy the process of building your new home and don't forget to ask veteran home owners for advice along the way! Visit www.mcarthurhomes.com for more information on new homes in Utah.

Building a New Home- Part 1

After working in the home building industry for many years I've noticed that first time (and even veteran) home owners can get confused by all of the deadlines, deposits and decisions going on in a relatively short period of time. So, here's a quick primer of what to expect when purchasing a new home:

1. Choose your Home and Neighborhood

First you must sift through all of the available homes out there to find a builder, neighborhood and floorplan that fit your family's needs. Many home owners these days are starting their search online, then visiting a few neighborhoods in their area of interest. Look for a builder with excellent customer satisfaction ratings who responds to your questions promptly and accurately. Once you've decided on a builder and a neighborhood, you can choose a floorplan and home site that fit what you are looking for in a new home.



2. Writing the Agreement

This is the first big step, and sometimes the scariest for first time home owners. The builder's sales associate should review this agreement with you completely and make sure all of your questions are answered. The main points of the agreement outline which home you'll be building and where, the price, deadlines for completing selections and making deposits, and general disclosures from the builder.
At this time you will also pay an Earnest Money deposit. This is a smaller deposit of $250-1000 depending on the builder and the size of your new home. Many builders will make this a refundable deposit, giving you a few days to be sure of your decision. Others require a non-refundable deposit. Make sure you know which you are paying.

3. Apply for a Loan

Once your signed Agreement is in place, you can apply for a loan and receive a Good Faith Estimate. This will let you know exactly how much loan you can qualify for and what your closing costs will be. (Of course, it's always a good idea to talk with a loan officer before signing your agreement, so that you have a good estimate of how much you can afford.)

4. Design Decisions

For many new home owners, choosing interior and exterior finishes is their favorite part of the process. One of the best things about owning a new home is that you can pick finishes to suit your budget and personalize your new home. Look for a builder who features a state-of-the-art new home design studio with professional design consultants and clear pricing information. You should be able to visit the design studio several times to choose finishes such as paint, countertops, cabinets and flooring. As long as your home is not yet under construction, you should have about 25 days to finalize those decisions.

5. Home Start Meeting

Also known as a pre-construction meeting, this is a final review of your plans and decisions for your home. Make sure you get answers to all of your questions before construction begins.

6. Construction Deposit

This is the final step before construction can begin on your home. A construction deposit is due, generally in the amount of 3-10% of your total purchase price. Most builders will require you to pay this about 30 days after you first sign your agreement. This deposit is non-refundable, meaning that if you don't close on your home, the builder will keep your deposit as damages. However, when you do close on your home this deposit is credited to you and can be used for your down payment.

Now it's time for the exciting construction phase of your new home process! I'll write more about what to expect during construction in a later post. In the meantime, please share this with any friends or family who may be building a new home in the future.

You can also visit the McArthur Homes website for an in-depth look at our building process.