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Frequent Questions

  1. I’m interested in a Madison Home Builders home, what do I do next?
  2. How quickly can I move into a Madison Home Builders home?
  3. Are new homes built as good as older homes?
  4. Once I choose a floor plan model, do I have any other options?
  5. Does my new home come with a warranty?
  6. Who do I call for a warranty claim?
  7. How much will my taxes be?
  8. I have a home to sell before I purchase my new home. Where do I start?
  9. How much deposit do you require?
  10. Should I wait to buy a home if I currently have debt?
  11. How much of a difference does a large down payment make?
  12. What documentation will I need to provide in order to get my loan?
    When should I send it in?
  13. Do I have a choice of points or no points?
  14. What mortgage expenses are associated with buying a home?
  15. How much money will I need at closing?
  16. Who will contact me once my loan information is submitted?

1.

I’m interested in a Madison Home Builders home, what do I do next?

First, we invite you to visit our office to see more details about the types of homes and explore your areas of interest. Through a series of questions, we’ll identify your needs and requirements and answer any questions or concerns you may have.



2.

How quickly can I move into a Madison Home Builders home?

Madison Home Builders offers an inventory of completed homes built specifically for people who want a quick move-in. If you prefer to build your home from scratch, we will walk you through the entire home-building process—from lot selection to final construction and completion. The timing of the building process varies depending on your home's construction schedule, municipal factors, time of year, etc. However, after permits have been received we generally quote 90 to 120 days from the start of construction to final completion.



3.

Are new homes built as good as older homes?

Data from the National Association of Home Builders suggests that one of the benefits of choosing new home construction is the focus on energy efficiency. Many advances in materials like windows, heating and cooling equipment, insulation, and sealing techniques mean that new homes consume about half as much energy as homes built prior to 1980. In addition to your family's comfort, this translates into energy savings for you and environmental sustainability.



4.

Once I choose a floor plan model, do I have any other options?

Absolutely. There are several other options that are available to you to personalize your home. At time of contract, you will be asked to make your selections. These are items that will affect how your home is constructed, such as room extensions, fireplaces, and ceiling options. Shortly after that, you will have the opportunity to make many color and interior selections. A sales professional will be there to support you throughout the entire process. Check out our Standard Features page to see some of the basics.



5.

Does my new home come with a warranty?

Yes, we provide a New Jersey Home Warranty that is administered through the Department of Community Affairs (DCA). This plan provides you with limited, 10-year warranty coverage on your new home. At closing, you will be provided with a warranty book that will explain in detail the coverage offered on each component of your new home.



6.

Who do I call for a warranty claim?

If you encounter a warranty issue, the first place to start is your warranty booklet that will be provided at closing. The booklet will detail any issues you may have incurred and the tolerances of coverage on each specific item. If you discover your issue is a deficiency that is covered under the warranty, please write or call our office and we will schedule a site inspection as needed. Once the inspection is completed, and if a warranty covered deficiency is discovered, we will schedule an appropriate time for the repair to be rectified.



7.

How much will my taxes be?

In most cases, property taxes on a new dwelling are not assessed until you move in. However, we’ll do everything possible to provide you with a rough estimate based on previous sales in your area on similar homes. Additionally, you can contact the local tax assessor in the city or township you’ll be residing in for an estimate. However, be conscientious of the equalization rate in your township when speaking with the tax assessor. Far to often we’ve seen misinterpretations in the tax rate, which cause the tax estimate to be much higher than actual. We recommend calling a Madison Home Builders representative after speaking with the tax assessor for further clarification.



8.

I have a home to sell before I purchase my new home. Where do I start?

This is a popular question and many people are in this situation. It’s always good to get a rough estimate on your new home prior to listing your existing home so the transition runs smoothly. Once you’re comfortable with your selection, it’s time to list your existing home. After you secure a buyer, we recommend an extended closing to allow for the construction of your new home. Other options may include moving in with relatives or leasing your existing home back from the buyer until your new home is completed. You can talk to us, in addition to your mortgage representative, to work out details.



9.

How much deposit do you require?

Every purchase is unique and may have different requirements. However, as a rule-of-thumb, a five percent deposit is typically our minimum requirement.



10.

Should I wait to buy a home if I currently have debt?

There are four major factors when considering a mortgage application: your employment and income, your assets, your credit record, and the value of the home you wish to purchase. All these factors are considered when making a credit decision. Please contact us if you would like to discuss your individual financial situation. We have valuable referral information for qualified mortgage professionals.



11.

How much of a difference does a large down payment make?

The amount of down payment will affect your monthly payment and the type of loan product that will best meet your needs. Check out our mortgage calculator to get a better idea of your personal financial profile.



12.

What documentation will I need to provide in order to get my loan?
     When should I send it in?

The exact documentation you may be requested to send in depends on the type of loan you are applying for. Your mortgage representative will inform you of any documentation that is needed. We recommend having the following documentation available to help you accurately complete your application. Keep this information together should you need to provide it for your loan.



Here's a list of documentation that may be requested from you:
  • Two months of most current and consecutive bank/investment/retirement statements on all accounts
  • Most recent paycheck stubs covering a 30-day period for each borrower
  • Most recent two years worth of W-2s and/or 1099s for each borrower
  • Most recent two years worth of federal tax returns for each borrower (all schedules)
  • Complete divorce decree(s) with all attachments (if applicable)
  • Complete bankruptcy papers with all schedules and discharge papers within the last seven years
    (if applicable)
  • Complete sales contract on house being sold (if applicable)

13.

Do I have a choice of points or no points?

Yes, you do have a choice. The primary idea of points is to pay a fee at closing in order to lower your interest rate. Depending upon how long you keep your loan, you may save substantially more money over the life of the loan. Your mortgage representative can help you decide whether you should choose to pay points.



14.

What mortgage expenses are associated with buying a home?

Your preferred mortgage representative will provide you with a Good Faith Estimate (GFE) after you have applied for a loan. This disclosure outlines all costs associated with the loan closing. Many lenders charge an origination fee and a processing fee. Other fees associated with a loan closing may include, but are not limited to, your attorney’s fees, recording fees, pre-paid taxes, title search, and title insurance. You may also be asked to pay real estate taxes and/or establish escrow accounts for real estate taxes and homeowner’s insurance. Some fees may be collected at the beginning of the transaction.



15.

How much money will I need at closing?

Your closing costs will depend upon the sales price, the amount of your down payment and the various fees connected with the purchase of your home. Closing costs and escrow items include mortgage insurance, prepaid taxes, attorney's fees, title insurance, etc. Your mortgage representative will let you know how much you’ll need prior to the closing date.



16.

Who will contact me once my loan information is submitted?

Once you submit your loan information, you will be assigned a mortgage representative that will be focused on making the loan process a seamless and pleasant experience for you.