What is the difference between loan qualification, pre-approval and commitment?
Lending institutions provide their borrowers with various documents to predict their ability to secure financing. A typical "loan qualification" or "pre-approval" document is provided to assure a seller of a borrowers' ability to obtain a potential mortgage loan based solely on income, assets and debt situation.
Often, it does not require any verification of the representations made and, therefore, very rarely does it actually contain language binding a lender to provide a loan. Even less frequently does any "loan qualification" or "pre-approval" document actually state the address of the property in question. 
A typical "loan approval notice" or "mortgage commitment" is provided by a lender as a notice that the borrower's income, assets, debts and credit worthiness are judged sufficient; and that they have verified the value of and approved the condition of the property being purchased. Typically it will also itemize any outstanding conditions that remain to be satisfied prior to the actual closing and funding of the loan. Although a "loan approval notice" or "mortgage commitment" provides the borrower, and also the seller, with a much greater comfort level that the purchase is imminent, it is still subject to final approval. 

When should I apply for a home loan?
Within 5 days of signing the purchase agreement.

What types of mortgage programs are out there?
It would not be to much of an exaggeration in today's real estate market, especially as borrowers are becoming more savvy and as competition between the various mortgage lenders intensifies, to say that there are almost as many different types of mortgage programs as their are different types of borrowers. Any potential purchaser would be wise to shop around with several different lenders to find the loan program that best fits their needs.

Do upgrades have to be paid in full and upfront?
As detailed in the Titan purchase agreement, 50% of the total of all upgrades must be paid for at the time the selections are made with our selections consultant, with the 50% balance due at closing.

Can the cost of the upgrades be added to the mortgaged amount?
This is something that can be arranged with your mortgage lender. However, you still must pay in full the cost of your upgrades to Titan Homes. If a buyer has an agreement with their lender to add the cost to their mortgage, Titan Homes will credit the purchaser at the time of their closing for the upgrade amount and the lender will add this amount to the mortgage.

What is a RESPA?
The Real Estate Settlement Procedures Act (RESPA) provides you with many protections. Under this law, you can review the settlement page that lists costs you are paying at closing one day before the closing appointment. Although these documents are not negotiable and thousands of homeowners have signed them, every buyer should read them.

When, and how, are real estate taxes calculated on new construction?
Typically, Titan Homes, as the Seller, receives at the Closing a tentative proration credit for the Purchaser's estimated share of taxes, equal to a set percentage of the sum of the Purchase Price (including upgrades). All tax closing prorations credited will then be deposited in a segregated account with a bank to be used solely for the payment of taxes.  Typically in new construction, the number of dwelling units on a given parcel of land is increased; therefore, the previous tax year assessments are no longer applicable. In the year when the Declaration is recorded, the tax bill issued does not reflect the new individual units. Titan Homes will pay the taxes for the closing year, which is reimbursed, from the tax escrow into which the Purchaser's credit was deposited at Closing. If the final proration is higher than predicted amount, the purchaser would pay to Titan Homes the difference. As always, it is well advised to consult with an accountant on all of these matters.

What kind of insurance do I need to secure before closing on my new home?
A Certificate of Insurance covering the common elements and naming your lender as additional insured will be ordered by Titan Homes before the closing date, and will be provided at closing.  The buyer is responsible for insuring the home for fire as well as any extended coverage for contents. The specifics of where common insurance stops and homeowner insurance begins should be clarified and coordinated with the buyer and their insurance agent.

What is the reserve collected at closing used for?
The Homeowners' Associations set up and maintain special reserve accounts to be used solely for making capital expenditures in connection with Common Elements.

What are the advantages of using an inspector?
In general, an inspector provides piece of mind. Inspectors are not considered as critical on a new construction purchase, but if it makes you more comfortable it is worth it. It does represent a balance between developer and buyer. Titan Homes welcomes inspectors, but we require that they accompany you on your walkthrough. We will not be able to schedule additional appointments, or allow them to inspect independent of the walkthrough.

What can I expect at the orientation (walkthrough)?
The orientation is an opportunity for a purchaser to inspect their unit with a member of our office and a project foreman. The purpose of the orientation is to both familiarize the purchaser with the house in a room by room inspection, and to explain how all of the different mechanical and electrical systems work.
An Orientation List is created at the orientation which the purchaser is asked to sign. The Orientation List is a legal document that records any agreed upon item that is incomplete at time of purchase, pursuant to your purchase agreement. It will be presented at closing, and each remaining item will be completed in the period following the closing.

What do I do around moving time?
Often people forget many small items when moving such as address changes, mail forwards, and utilities. We recommend making a list of all your current subscriptions, and accounts which bear your address. Also, don't forget the cable company or your internet provider in addition to electricity, telephone and gas.
Additionally, you should think about getting homeowner's insurance prior to closing, and confirming your financing arrangement. You will want to lock in a rate once you have received your 7-day notice. As you zero in on moving into one of our homes, you will want to make sure the management company knows your moving date and time.

What kind of warranty can I expect with a Titan purchase?
The majority of items including, but not limited to, the HVAC system, kitchen appliances and plumbing fixtures are covered by a one-year warranty. Some features however, such as windows and the roof, come with an extended warranty. Titan's Certificate of Limited Warranty is clearly defined and outlined in the purchase agreement. Also, if a homeowner would like additional coverage beyond the standard one-year manufacturer warranty on certain items, there is an extended warranty program package offered for an additional cost.

Are the buildings wired for a satellite dish?
Wiring for satellite is not standard. One of the upgrade packages on our town homes includes the "rough in" for a satellite system. If this upgrade is chosen, a phone wire is located at each cable jack from which a blank conduit runs back to the electrical service box and to the roof. This facilitates the installation of a satellite system by the owner after closing. All homes are pre-wired for both cable television and high speed modem as standard. At this time, wiring for satellite is not available in most of our condominium buildings.