Your New Home Closing Process Questions Answered (2023)

Buying a new home is quite exciting, and while you may already be familiar with the benefits of new construction, including the chance to choose your layout, floorplan, design touches, and the eco-friendly components that comes with new construction, you may be wondering what the closing process looks like on a new home.

Closing on a MasterCraft home means that your experience of buying a new construction home will be smoother, faster, and easier. After all, Customer Service is part of our Higher Standards 2.0, which means that you will enjoy concierge-quality service as we guide you through the entire process from contract to closing – and beyond.

When you choose a MasterCraft home, we strive to make the closing process as seamless as possible. While there are many parties that play a role in your closing process, we will be with you every step of the way, answering any questions you may have, and ready to walk through your new home alongside you, ensuring quality with every step.

THE CLOSING TIMELINE:

Closing on your new home is less stressful when you know what to expect. Here’s a general timeline to help you understand how the closing process works.

30 – 60 Days Prior to Close:

This is when you can expect to receive a closing schedule from your New Home Consultant and is the time for you to begin gathering everything you’ll need for the big day. If you’re financing your home, this would be the time to ensure your bank has everything they need to process your loan. This is also a great time to secure Homeowner’s Insurance if you haven’t done so already.

30 Days Prior to Close:

Closings are typically scheduled 30 days out from the home’s completion. You should receive a confirmation letter about 30 days before you close with your closing date, time and location.MasterCraft offers two closing locations, though a majority of buyers close at the MasterCraft Headquarters, so be sure to double-check the location of your closing beforehand.

Your confirmation letter will also include details regarding the title company who will perform your closing. Because most title companies require funds to be wired 24 hours prior to closing, this letter will include wiring instructions so there are no hold-ups on the day of closing. We will also include a list of utilities offered in your community, so you can set-up or transfer service to your new home.

Two Weeks Prior to Close

According to MasterCraft President, Brad Shee, “The last two weeks prior to closing is where the home comes together. After going through a rigorous quality assurance walk-thru, we strive for the house to be 100% complete at the time of homeowner orientation. This is typically scheduled 7-9 days prior to closing. At the orientation, the Builder will show the buyer important features of the home and how to maintain the home post-closing.” This is where the homeowner will learn everything there is to know regarding their new home, ask questions, address concerns, and more. The week of closing You can expect the title company to provide you with a closing disclosure including the final details of your sale. This disclosure will include all of your information such as loan terms, monthly mortgage payments, and any additional fees. Be sure to review this disclosure carefully and take care of any loose ends before closing day.

The Big Day – Closing Day

Closing day is a big day for everyone involved. As homeowners, you’re about to walk away with the keys to your new home! For those of us at MasterCraft, we like to be involved in closing day to ensure the homeowner is happy with their new home. Before the closing appointment, homeowners will do a final walk-thru to ensure everything is completed, this usually takes about 30 to 45 minutes.

After the final walk-through, it’s time to close! You’ll head over to your closing location, and you can expect one of MasterCraft Owners, Brad or Chris Shee, to be there ready to greet you. “This is where it really comes home for us. At MasterCraft, we like to communicate with our buyers and hear how their total experience has been,” Brad explains. “At closing, Chris or myself will be there to meetwith thehomeowner and discuss warranty and get an overall feel for how we did. Instead of handing the buyer a paperquestionnaire or survey, we would prefer to talk to them face-to-face and makesure we either met or exceeded expectations for their new home. It is very, very rare for an Owner or President of a home building company toshow up for a closing and it’s something we are very proud of. In fact, even during a pandemic we have only missed two closings within the past two years.”

At closing, you will receive all the documents regarding community-related information as well as warranty documents. Once everything is in order, and all necessary documents have been submitted, the final step is simply, to sign. Dot your i’s cross your t’s, and you’re set! You’ll get to walk away with the keys to your new home.

FREQUENTLY ASKED QUESTIONS:

Will there be someone assisting me throughout the process of new construction?

Starting from the beginning, your MasterCraft Home Consultant will be your main point of contact. All information and questions are funneled directly through tothe proper channel, so you’ll have someone guiding you along every step of the way.

What is needed when meeting with a mortgage broker?

When meeting with a mortgage broker, be sure to have the following with you:

• Valid I.D.
• Proof of income: If you are an employee, bring your two most recent paystubs or proof-of-employment letter. If you work for yourself, bring a copy of your accounts for the past two years.
• Proof of checking and savings accounts
• Details of financial commitments: bring credit card, car loan, or any other details of current debt you have.
• Proof of assets

What is the loan process for new construction?

The loan process is different for new construction homes, but like anything, preparation is key. Ed St. John, Senior Loan Officer at U.S. Bank, outlines the process for homeowners: “Start early, keep all of your financial records organized, and keep records of any non-payroll deposits and if you’ve given any additional payments to the builder during the interim, keep track of those records. Remember that original pre-approval and assets must be updated again at closing, so have your paystubs and bank statements readily available.” Additional payments made to the builder to keep track of may include any change orders placed during construction or updates made.

What can I expect from the closing process?

Allclosings are scheduled a minimum of 30 days out in order to give buyers enough time to arrange movers and other logistics. Toward the end of construction, there are a lot of moving parts and we really strive to deliver the home on the date that we provide.

What is the closing timeline for new construction, and can you close on a new house before it’s been built?

When it comes to the closing process, it’s important to note that new homes do tend to take longer to close on. According to Dawn Janson, Owner of SeaGlass Title, “New construction is a longer process than existing residential, you can’t close on new construction until you have a Certificate of Occupancy (CO).” Continuing, homeowners can typically expect the closing process to begin roughly 45-60 days after the countertops have been installed. It takes time to build a masterpiece! After your home’s countertops are put in place, you should receive a tentative closing schedule and walk-through details from your MasterCraft New Home Consultant.

Is there any way to expedite the closing process?

Due to the fact that you cannot close on a new home before it is built, one way to expedite the closing process is to consider a move-in ready home. MasterCraft offers move-in ready homes for those looking to reap the benefits of new construction without any of the scheduling that typically comes with new-home building. By choosing a MasterCraft move-in ready home, there is no waiting. Move-in ready homes make excellent second home options and are particularly great for those who prefer new-construction but don’t want to or cannot wait to move. To learn more about our move-in ready homes, visit here. In addition, MasterCraft has recently rolled out a new “Quick-Start” program that can shorten the time from contract to close. With a Quick-Start home, MasterCraft has selected the structural, electrical, and plumbing options for the home, but leaves the design and color selections for you to personalize. The home is ready to file for permit ahead of time, so you can easily trim 3 months off of the total time that you would normally experience when starting from scratch.

How do I prepare for closing?

Buyers can prepare for a closing by showing up to their new home about 60 to 90 minutes beforehand to do a final walk-thru and makesure the home is to their standards.In the event there are any items that were not able to be fixed before closing or pieces on backorder, they will be added to a“post-close item list,” which is essentially an IOU. Afterthe finalwalk-thru is complete, the buyer can head straight to closing, sign all required documents,and receive the keys to their new home.

What warranty and post-closing support does MasterCraft provide?

In the event a warranty item comes up months or years down the road, MasterCraft will look at the issue objectively and if we feel that it was installed wrong or should have had a longer lifespan, then we will fix/replace the itemsno questions asked. MasterCraft strives to deliver buyers with a quality product and we expect our homes to be betterthan our competition. This warranty standard goes beyond closing and beyond the buyer’s one-yearcraftsmanship and materials warranty that we offer.

WE’RE ALWAYS HERE FOR YOU

If any issues arise, even after move-in, MasterCraft is here for you. All warranty-related items go through MasterCraft and buyers are connected with our Warranty Managers, so that if any issues arise, we can streamline a speedy solution. Our buyers’ satisfaction is our top priority here at MasterCraft. We want to make sure you walk away with the best experience, so if you’re unhappy in anyway, don’t hesitate to reach out. Our dedicated warranty team works tirelessly, ready to complete any necessary work or repairs to your home in a timely manner, while ensuring quality.

As Northeast Florida’s premier semi-custom homebuilder with over 40 years of experience, MasterCraft Builder Group is committed to educating the community and providing the best homebuilding practices.If you have any questions about the MasterCraft new construction closing process, please contact us or give us a call at 904-293-2389.