Montage Development

About Montage

Montage Development makes every effort to build homes that are appealing, within your reach and have lasting value. But when looking for the right home for you and your family there are certain questions you should ask yourself before you decide to buy:

• Is there enough “living space” for your family?

  That’s space, not rooms. 2 adults and 4 children need more space than 2 adults and 2 children. Think of space in terms of room to move around in, closets, cabinets, bedroom and bathroom sizes and numbers.

  Also consider how you like to live. Do you need a home office? Is there room for a BBQ?

• Will the floor plan suit your lifestyle?

  Count the rooms and where they are. If it’s a two story house, where are the bathrooms? If they’re all upstairs is that convenient? Is there enough room for the family to relax and comfortably watch TV? If you like to give parties, is there a good flow for that? And don’t forget room for your pets.

• Is the location right for you?

  Make sure what you need is close by. Schools, churches, supermarkets, cleaners, parks movie theaters…all the things you need or use every day should be relatively convenient. Some should even be within walking distance.

• Can you afford it?

  We can help you answer this all-important question. In fact, may times they can help you get “pre-qualified” for a mortgage, so you can shop for a home within your established price range. By the way, conventional wisdom says: your monthly mortgage payment should NOT exceed 1/3 of your monthly income.

• Are there advantages to using the builder’s lender?

  You want a loan that’s best for you and the builder wants to help make sure your financing is right. That’s why most builders work closely with loan representatives who will spend all the time you need answering your questions, qualifying you and getting you approved. They’ll also make sure that as a qualified borrower, you get the financial package best suited to your personal situation.

• What to Expect After the Purchase

  The time between agreeing to buy your home and actually moving in can be a daunting time, filled with unfamiliar documents and legal terms that may puzzle you. To help you understand this process, here are some explanations:

• What is “escrow”?

  Escrow is the process in which a neutral third party holds all the required money and documents with the goal of closing within the agreed-upon time.* To open escrow, your deposit is cashed and held in a special escrow account. Having money in escrow means that you’re finished house hunting and the builder cannot sell your chosen house.

  Escrow also marks the start of the loan approval process. When all the documents have been legally recorded and everyone gets the documents and money due them, escrow is closed and the house is yours.

  *Escrow requirements vary by region. Ask your Home Counselor for specifics.

• What is an REPC?

  An REPC or Real Estate Purchase Contract, is a legally binding purchase agreement that sets forth the terms and conditions for the purchase and sale of the agreed upon property. It must be agreed to and signed by both the seller(s) and the (buyers).

• What is an ARM?

  An ARM - Adjustable Rate Mortgage - is a mortgage in which the interest rate is adjusted periodically based on a pre-selected index.

• What is VOE?

  VOE or Verification of Employment, is a document signed by the borrower’s employer verifying his/her position, salary and dates of employment.

• What is VOD?

  VOD or Verification of Deposit, is a document signed by the borrower’s financial institution verifying the status and balance of his/her financial accounts.

• What is the P&I?

  P&I means Principal and Interest, and is the largest part of your monthly mortgage payment. The Principal is the part applied to reducing the unpaid amount you’ve borrowed. The Interest is the portion that reflects the fee charged for borrowing money.

• What is an HOA?

  HOA stands for Homeowner’s Association and is made up of the individual homeowners, each of whom have a vote. The HOA governs the regulations and expenditures within the community and is typically responsible for the annual budget, assessments for repairing “common areas” and creating rules and guidelines for living in the community. Most HOAs have a Board of Directors that is elected annually.

• What are CC&Rs?

  CC&Rs stand for Covenants, Conditions and Restrictions. It is the governing document that dictates how the Homeowner’s Association operates and what rules the homeowners, their tenants and their guests must obey. It can include everything from what architectural changes can be made to how many pets one can own. CC&Rs are legally enforceable unless specific provisions conflict with federal, state or local laws. CC&Rs establish standards that help maintain value of individual properties and the community as a whole