粤11选5遗漏:Home Buying Guide: The Mortgage Process

 
Securing a Mortgage
No matter if you are considering buying your first home, or your fifth, there is always some uncertainty surrounding the mortgage process.

Shea Homes is committed to help you by providing a few simple steps you can take to get prepared and feel confident in your home buying decision.

 

new home mortgage

Let Shea Homes Help You Get Your Ducks in a Row

Get Organized
It is important that you take stock of your financial situation.
  • Gather some recent pay stubs, W-2's or tax returns.
  • Collect your recent statements for any loans or revolving credit
Figure out how much household income you have, before taxes.
  • Make sure to include overtime, bonuses, or commissions.
  • Project your household income for an entire year, then divide by 12 to get your "monthly gross income".
Next, estimate your monthly debts
  • These debts may include car payments, student loans, credit card payment, or even child support payments.
  • Do not include any "bill payments" such as day care, cell phone, cable, or utilities.
  • Also, you should not include any debts that will be paid off in the near future.
home loan lending
Documentation is key to this step. To expedite, take one file folder and label it "Income". Take hard copies of your pay stubs and your most recent tax return (minus all the schedules and worksheets) and place them in the file folder.

Then take another folder and label it "Debits". Take your most recent statements from any loans or revolving debts such as credit cards and place them in this folder.

Enter the information from these statements in our handy worksheet.
Shea Home Buyer's Tip:
Your Home Budget
To determine what your house payment should be, you need to first calculate your "Debt-to-Income Ratio" or DTI.

Most mortgage companies use a DTI of 45% to determine the amount you can borrow.

To Calculate Your
Home Budget:

Multiply your gross monthly income
X 45%
= total max payments

Subtract your total max payments
- your current monthly debts
= new home budget payment

new home financing Total Monthly Income
The monthly payment can take a few different forms. The most basic includes the part of the payment that goes towards the principle and the part that goes towards interest, known as P&I. To get a more complete picture, you should also include the estimated property taxes and insurance.

This payment is referred to as PITI. There may also be additional payment obligations such as HOA fees and, if you are putting less than 20% down, Private Mortgage Insurance usually referred to as PMI.
Shea Home Buyer's Tip:
Set Your Game Plan
Once you have taken a look at your income and debts, the next step is to get pre-qualified by a Licensed Professional Mortgage Loan Originator.

During the pre-qualification process,
your Loan Originator will:


  • Help explain the entire mortgage and home buying process to you.
  • Answer any questions or address any concerns you may have.
  • Review your income, assets, debts, and credit with you to establish how much home you can buy.
  • Tell you about all the different mortgage programs there are, and help you decide on the one that's right for you.
  • And work with you to set your game plan as to what the next steps are for you to buy your dream home.
new home mortgage
The pre-qualification service is free of charge, and does not obligate you in any way to Shea Mortgage.

At the end, you will feel confident knowing your financing strategy is secure, and that your dream of homeownership can become a reality.
Shea Home Buyer's Tip:
Apply For Your Loan
Now that you have your financial data already organized, applying for your loan is a snap! Just complete our on-line loan application. Don't forget to select your Shea Mortgage location, to ensure that your application goes to one of our licensed mortgage professionals in your area.

Once we have received your initial application, a licensed Shea Mortgage loan originator will contact you to review your information together. During this review, your loan originator will be able to answer all your questions about the mortgage process, including looking at different mortgage options to help you select the one that's right for you.

We will review all the documentation needed to complete your home closing, and provide you with a detailed explanation of mortgage interest rates and closing costs.

Lastly, we will go over the "next steps" in the process. This is important so that you can feel comfortable, knowing what to expect along the way.
It takes a lot of teamwork and communication to get a mortgage loan to the finish line. And we are very happy to have you as a team member on your loan!
new home financing
You will want to have your 2-2-2 ready during the application process. The 2-2-2 stands for 2 years tax returns, 2 months recent bank statements, and 2 paystubs.

This makes completing the loan application, and the whole loan process, go much smoother.
Shea Home Buyer's Tip:
Funding and Closing
As your new Shea home nears completion, it will be time to get start preparing for your closing. Around 45-60 days prior to your estimated closing date, you will want to begin making final preparations. This is a good time to touch base with your Shea Mortgage team. Your loan originator will be able to discuss the current interest rates, and see if you want to lock-in your rate. Your loan processor will begin to update your loan file with current information.

If you were saving funds to close, you will want to check in with your Shea loan originator to see how you are tracking. This is also a good time to review your application and let us know if anything has changed.

Additionally, you will need to get your hazard insurance lined up, and ready for closing. When you have selected your insurance agent, you can have them contact your Shea loan processor to make sure they are all set for closing.
Lastly, when the closing day arrives, you will sit down with a title agent/ closing agent to do your final paperwork. At the closing, you will be asked to bring your photo ID and your funds for closing. Your title/closing agent will tell you the exact amount to bring, and will give you detailed instructions. Then there's nothing left to do…but move in!
financing your new home
Keep copies of your updated tax returns, current pay stubs, and recent bank/investment statements handy, in case your loan processor requests them. Even if you were loan approved early in the process, mortgage lenders have to have current financial information dated within 30 days of closing.
Shea Home Buyer's Tip:
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Shea Blog

What to Expect: Buying vs. Building a New Home

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