Financing a home can be stressful, but it doesn't have to be! We've made the mortgage loan process easier. Harris Doyle Homes has partnered with Silverton Mortgage, one of the nation’s fastest growing financial companies. When you use Silverton Mortgage to finance your home, you may receive up to $3,000 toward your closing costs, making your transition to your new home that much smoother.
Contact Silverton's Mortgage Loan Originator for a free confidential review of your financial situation. Then you can visit one of our model homes with confidence of your ability to purchase a new home.
*Silverton Mortgage closing cost credit is paid by Harris Doyle Homes and is only available for borrowers financing the purchase of a new home from Harris Doyle Homes with Silverton Mortgage. Closing cost credit will be limited to the amount of the actual closing costs, up to $3,000. Closing costs that exceed $3,000 are the responsibility of and must be paid by the buyer financing with Silverton Mortgage. Closing cost credit may not be available with all loan programs.
All loans are subject to credit approval.
Vanderbilt Mortgage and Finance, Inc., dba Silverton Mortgage, 1201 Peachtree St NE, Ste 2050, Atlanta, Georgia 30361, 855-815-0291, NMLS #184503, (http://www.nmlsconsumeraccess.org/), AZ Lic. #BK-0902616, Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act license, Georgia Residential Mortgage (Lic. #6911), MT Lic. #1561, Licensed by the N.J. Department of Banking and Insurance, Licensed by PA Dept. of Banking, Rhode Island Licensed Lender. All information is believed accurate and is subject to change without notice.
Clayton Properties Group, Inc., doing business as Harris Doyle, and Vanderbilt Mortgage and Finance, Inc., doing business as Silverton Mortgage (“Silverton”) are each indirect, wholly owned subsidiaries of the same parent company. Because of this relationship, the referral of a customer by Harris Doyle to Silverton, may provide Harris Doyle and Silverton with a financial or other benefit.
Silverton Mortgage has a team of processors and underwriters specifically for Harris Doyle Homes' buyers, who are available to answer questions seven days a week. A mortgage loan officer will do a free, confidential review of your financial situation and advise you on the home loan that best suit your needs. There are a wide variety of products (different types of loans) available. Silverton is familiar with our sales team and closing coordinators, offers competitive rates and Harris Doyle will pay $3000 toward your closing if you use Silverton Mortgage.
Items needed for a loan application may include W-2s and tax returns from the last two years, current pay stubs with year to date earnings, statements for checking, savings, other bank or investment accounts, proof of monthly rental or mortgage payments, and the names of current or past employers. There are also programs available for buyers with non-traditional careers; don’t let the fact that you don’t have access to some of these documents keep you from applying. Two years of employment history is required.
Along with a credit report, lenders will request a credit score (FICO) to help determine whether or not you are eligible for a loan. The score is a credit overview and is weighed by the following:
35% payment history
30% amounts owed
15% length of credit history
10% new credit
10% types of credit used
A median credit score (FICO) ranges from 690 to 740.
There are six steps to the mortgage process: Pre-Approval, Submitting Initial Docs, Processing, Underwriting, Pre-Closing, and Closing. Click here to watch a short video walking you through the whole thing.
You’ve found your dream home and are in the process of closing on your loan, but you haven’t crossed the finish line yet! In this blog, Silverton Mortgage breaks down what you should NOT do leading up to your closing day so that there are no roadblocks as you near the end of your homebuying journey.
Adjustable Rate Mortgage (ARM) – a mortgage whose interest rate changes over time-based on the index.
Annual Percentage Rate (APR) – the total yearly cost of a mortgage expressed as a percentage. It includes interest and other finance charges such as points, origination fees and mortgage insurance.
Debt-to-Income Ratio – the ratio used as a factor in determining if you qualify for a mortgage. Compares your total monthly housing expense and other debt (the amount you pay out) with your total monthly gross income (the amount you earn).
Deed – the legal document conveying title to a property.
Down Payment – the difference between the sales price of the home and the mortgage amount. Buyer pays with cash and does not finance with a mortgage.
Earnest Money – a deposit given to the seller to show that a prospective buyer is serious about purchasing the house.
FHA Loan – a mortgage that is insured by the Federal Housing Administration (FHA).
Fixed-Rate Mortgage – a mortgage in which the interest rate does not change during the entire term of the loan.
Homeowner’s Insurance – Insurance that protects your home and possessions from theft and damage.
Interest – a fee you pay for borrowing money.
PITI – "Principal-Interest-Taxes-Insurance", the four elements of your monthly mortgage payment.
Prequalification – the process of pre-determining how much money a prospective buyer might be eligible to borrow. Prequalifying for a loan does not guarantee approval.
Principal – your loan amount, not including interest; the amount borrowed or remaining unpaid. Also, the part of the monthly payment that reduces the outstanding balance of a mortgage.
Purchase/Sales Agreement – a contract between the buyer and seller that defines the terms and conditions of the home purchase.
Title – written evidence that proves you are the owner of your property.
Underwriting – the analysis of your overall credit and property value and the determination of a mortgage rate and term.
Our easy-to-use mortgage calculator will help you generate a mortgage estimate and understand how much home you may be able to afford. View personalized scenario,s such as interest rate and loan term, to see what home loan may work best for you.
Principal and Interest only.