Financing a New Home

Homebuilder Mortgage Loans

You’re shopping around on the new home market, but did you know the loan process can vary between a new construction and a resale? To help you understand the key differences, Senior VP of Shea Mortgage, Scott Pocock (NMLS #262159), shares answers to the top six questions about new home mortgages and financing through a homebuilder.

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A Quick Guide for Mortgage Pre-Qualification

by Shea Homes on October 10, 2016

Mortgage 101 for Pre-qualification

When you’re researching home financing options, it’s easy to get a lot of the terminology mixed up. From understanding the different types of loans to remembering the difference between a mortgage pre-qualification and a mortgage loan approval, there’s a lot of new vocabulary to understand. We get it. Buying a home can be stressful, but it doesn’t have to be. To help you start off on the right foot, we’ve created a handy checklist for the start of your journey — the pre-qualification process!
But first, let’s review what a mortgage pre-qualification is, and what it isn’t.

Pre-Qualification vs. Loan Approval

A pre-qualification is an estimated maximum loan amount from a lender. It is determined based upon your debt to income ratio, meaning how much money your household makes in a month and how much debt your household carries per month.

A pre-qualification is not a guaranteed loan amount. You are not committed to do business with the lender providing the pre-qualification and the lender is not obligated to provide a loan of any amount.

Benefits of Pre-Qualifying for a Home Loan

Once you receive a pre-qualified loan amount from your lender, you’ll have the peace of mind that you can move forward with the home-buying process. You’ll also be able to start thinking more realistically about the amount you can afford for a new home. When your lender sends your pre-qualifying loan amount to you, the information should include an estimated loan amount for your max budget, plus your estimated monthly house payment. But keep in mind, the estimated monthly house payment may change once you move into the loan approval stage — depending on the amount of taxes, interest, fees and insurance you’ll need to pay on your loan. You’ll know what your final monthly house payment is once you’ve finalized your home selection and have provided your down payment amount and your credit information.

Tips for Mortgage Pre-Qualification Prep

You should have all of your finances organized and ready to go when the time comes to provide a lender with your information. Set yourself up for success by sorting through your statements now, so it’s less stress when you’re getting it all together.

Debt to Income Ratio Infographic

Pre-Qualification Checklist

Receiving a pre-qualifying home loan estimate is easy and fast. Download and print or pin our checklist below to

be ready for your first meeting with a mortgage lender.

For more information on what you’ll need to be approved for a home loan, check out the Shea Home Buying Guide.

 

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Heroes Rewards

Image: Courtesy of Filip Pticek, Flickr

As summer vacation comes to a close, teachers are gearing up for another year of hard work. We want to thank Arizona teachers for their service by reminding them about the Heroes Reward program, which provides them with a 1% base price credit toward the purchase of a new Shea Home. This special offer is also available to active and retired military, active or retired police officers, and active or retired firefighters.

The Heroes Reward Program is just one small way we at Shea Homes® Arizona are able to recognize and thank our military, teachers, police officers and firefighters for all that they do to make our communities a better place to live and work.

The redemption process for the Shea Homes Heroes Reward Program is simple:

  1. Eligible active or retired military, teachers, police officers and firefighters print out a certificate, available here: http://bit.ly/HeroReward
  2. Participants fill out the form, and present it to their Shea Homes Community Representative, along with proof of current or previous employment.
  3. The 1% credit is applied toward the base price of a new Shea home (program not valid at Trilogy or Encanterra communities). 

If you or someone you know qualifies for the Heroes Reward Program, we invite you to come tour one of our Shea Homes communities around the Valley and see for yourself what it means to “live the difference.”

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Celebrating Community at The Dunes on Monterey Bay

by Shea Homes Northern California on March 29, 2016

 

While we do build homes, we at Shea also pride ourselves on building communities that will thrive for decades to come. So it was no surprise to our homeowners at The Dunes on Monterey Bay when we offered to throw a neighborhood celebration for those who have already moved into the community. Homeowners and future homeowners gathered last Wednesday night to meet their new neighbors. The sense of community at The Dunes was palpable. New friends were made over drinks and dinner, and plenty of laughs were had. SEE PHOTOS

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Sneak Peek: New Ranch Collection Coming to BackCountry

March 16, 2016




  If you grew up in a ranch-style home, you know how convenient it is to have everything on one floor. And if you didn’t, then the new Painted Sky Collection is sure to make you a convert. Three new home plans are coming to BackCountry, tailor-made to meet the metro area’s growing demand for […]

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Homesites Announced for First Sage Sales Release

January 26, 2016




The first highly-anticipated homesites to be released for sale on Saturday, January 30th have been announced! 18 new homes at Sage in Livermore, California are scheduled to be released for sale this Saturday. Synergy Balance Tranquility Lot 901 (Plan 3E) Lot 1202 (Plan 2) Lot 1401 (Plan 3) Lot 902 (Plan 3) Lot 1203 (Plan […]

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Home Pricing Announced for Sage in Livermore!

January 21, 2016




Located in the Livermore Valley, the new Sage community will feature a variety of new homes and much, much more. Recreation options abound at Sage. From the public multi-use  trail system, to the private clubhouse and rec center, residents  will never be short on activities and peaceful open spaces. Your first opportunity to purchase a […]

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Be Among the First to Buy at Sage in Livermore!

December 17, 2015




Preliminary pricing was just announced for Sage in Livermore, and interested parties can now Pre-qualify to live at Sage! Sage will feature a swimming pool, yoga lawn, fitness center, game lawn, community garden, outdoor fitness trail, playground, and a park, as well as easy access to the historic Livermore Valley wine region. Synergy homes will initially […]

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Refer a Friend and You Both Win!

December 11, 2015




Our referral program is designed to reward you for telling others about what sets Shea Homes apart, and it’s practically effortless! Refer a buyer to any Shea Homes Northern California community: • You’ll get a $1,000 Referral Reward — UNLESS you’re a Shea homeowner, in which case, you receive $1500!* • They’ll get a $1,000 […]

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What you Need to Know About Mortgages in 2016

November 22, 2015




Different types of home loans, explained. Buying your next home is fun and exciting, but we know that the buying process can feel tricky and overwhelming, especially when choosing between all of the mortgage loan options out there – how do you know if an adjustable-rate mortgage is right for you, or if you qualify […]

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