The process of purchasing a home can feel fairly vague and mysterious, especially if you’re a first-time homebuyer. Rules often vary by homebuilder and community, and it may feel like you need a cheat sheet to remember what all of the industry-specific terms and acronyms mean. Who could blame anyone for needing some clarification when they hear a phrase like “Mello-Roos” for the first time? If you have been feeling overwhelmed by all the details involved in buying a new home, the Trumark team is here to help. From the big questions to the nitty-gritty, we’ve got you covered.

We spoke to our amazing Community Sales Manager for Leeward and Crest at Alameda Point, Marjorie Safaie, who provided excellent insights into the most common questions both first-time and seasoned homebuyers have had for her over the years.

Once you have committed to purchasing one of the homes that the seller is offering.

You will not begin your mortgage payments until the construction of the home is complete.

When you sign the Residential Purchase Agreement, which can happen up to a year before the home you are purchasing is completed.

Always make sure that your realtor is with you on your first visit to the homebuilder’s Sales Office. Homebuilders often require that realtors join the homebuyer for at least the first meeting in order for them to register you as their buyer, which brings them into the purchase.

No, the realtor’s payment is not added to the price of the home. It is typically covered by the homebuilder’s marketing funds. This, however, does not mean you can receive a discount on the home for not having a realtor.

By making this a requirement for anyone looking to purchase a home, homebuilders help to ensure that the playing field is kept equal between potential buyers.

To purchase a house from Trumark, you almost always need to be on a community’s Interest List. The only exception to this rule is if the house is placed on the open market, which is very rare. In that instance, the home is sold on a first-come, first-serve basis.

Every builder delivers a home that includes the standard finishes, with the exception of the refrigerator, washer, and dryer. Those appliances typically need to be purchased from the builder or on your own after you take ownership of the home. Of course, if you are purchasing early enough in the building process, you may have the opportunity to go to the Design Studio and request upgrades.

Since construction times can extend beyond the original timeline for completion, you should only begin to make moving plans once the seller receives the Certificate of Occupancy (COO). This happens shortly after a city inspector has approved the home. However, if you are purchasing a spec home (a house that has already been built, but has not yet been lived in), you can usually move in once your loan is approved.

Locking in will help protect you from sudden interest rate fluctuations. Many lenders will permit a one-time “float down,” which will allow you to move to a lower rate if interest rates drop.

Yes, you should typically lock in your rate around 30 to 40 days before the closing date, which will be listed in the homebuilder’s closing letter. Otherwise, you risk paying extra fees if the locked rate expires due to a delay in construction.

You should confirm your customizations around six to eight months before the home is scheduled for completion.

Electric vehicle chargers and keyless entry systems have become popular options or included additions for many new construction homes.

Not typically.

Mello Roos is a homeowner tax created in California. It helps local governments pay for public works and services in recently developed communities, since they often require public infrastructure development.

We hope this article has answered some of your burning questions, and that the info provided will help you navigate your way through the home buying process.

If you are looking for a quality-crafted, new construction home, we encourage you to check out our wonderful NorCal, SoCal, and upcoming Colorado communities. Feel free to contact us if you have any questions or would like to schedule a tour!