Working with an experienced, professional lender in whom you have confidence can make all the difference when it comes time to close escrow on your new home. Last minute delays are often caused by the lending process and can be costly and stressful.
SeaCountry Homes’ Preferred Lender program takes the guesswork out of finding the right lender for your needs. We partner with a reputable group of experienced, third-party professionals who not only understand the new home sales process (which is notably different from the resale purchase process), but also offer the best service and most competitive programs available.
As is the SeaCountry way, our Preferred Lenders act as your personal financial counselor -- much like our sales counselors — carefully walking you through every step of getting your financial ducks in a row, and the loan process. This means you will have a single point of contact to manage all of your financial questions, and you’ll find your financial counselor on site at all of your milestone events … move-in orientations, closing appointments, etc.
Our Preferred Lenders offer impeccable credentials and their companies are among the largest mortgage lenders in the United States. In addition, you’ll enjoy these benefits by working with a SeaCountry Homes Preferred lender:
- The ability to roll options and upgrades right in to your home loan
- Extended rate locks to ensure you get the best deal available in the current market
- A wide assortment of loan programs, including no-income and no-asset loans, in-house non-prime programs, and interest only loans.
- 90 percent loan-to-value ratio up to $1 million
We all benefit when the lending process goes smoothly and efficiently and you move into your home on schedule. SeaCountry Homes shares this benefit with you by providing you with an additional incentive when you choose to work with our preferred lender. Ask your Sales Counselor for more details about our Preferred Lender Incentive Program
You found the right home now what?
- The Warm Up.
Before you start out on your homebuying quest, you'll need to prequalify with our preferred lender. It's free, and it will tell you how much you are qualified to borrow. - The Purchase.
So you've fallen in love with the perfect home. To secure this home, you'll need to pay a deposit and make an appointment with your sales counselor to complete the purchase contract. The number of purchasing documents can be intimidating, but don't worry. We'll find a quiet spot for you to read them carefully. You'll find they aren't so scary after all. Keep paper and a pen handy to jot down things that come up? Questions are natural, your sales counselors are available to answer them for you. As with any legal document, make certain you are comfortable in your understanding before signing. - The Money.
It's time for the loan, and not all money is created equal. A representative from our preferred mortgage lender will meet with you to discuss your situation and tailor a home loan that's just right for you. If you choose to use our preferred lender, we'll provide an extra incentive to you for the time savings and efficient processing. You can talk with the lender about including additional purchases like design options and upgrades in your mortgage. Next, your loan application is submitted. The lender orders a credit report and verifications are made. Your "good faith" and truth in lending statements are issued. After your home has been appraised, the loan amount is confirmed, your loan is approved and documents are issued. - The Fun Part.
Make your home "truly you" with an array of selections and custom options. Now's your chance to let your personality shine! Our sales counselors and design center staff coordinators are ready to help and our design center is filled with imaginative choices to suit your tastes. While you're oohing and ahhing, however, it's best to keep your lifestyle in mind. Perhaps you'd like a home office. Special kitchen counters. Mix and match ? these are the details that will really make your house a home. If you are interested in the options, be sure to learn about the construction cut-off dates. - The Construction Site.
Watching your home's progress is exciting, and visits are welcomed. For your safety and security, please ask for and observe our "ground rules from the ground up." Drop in on your home. It's fun. It's also a great way to see the quality of the construction, and get "insights on the insides." Later, these insights will help you understand where things are and how things work. So plan to drop in. Take pictures for a scrapbook. But remember to be careful while you're there! - The Check Out.
Homeowner orientation is your opportunity to learn about the features and maintenance of your new home, and to make sure we've delivered everything to your satisfaction.
You're officially in the homestretch. From the moment you walk through the door, smell the new carpet and marvel at your options, you'll be overwhelmed realizing that your dream is being delivered. You'll learn interesting tidbits about the features, as well as great maintenance tips. Please look around carefully. Ask questions. Take notes. We're committed to making sure you're happy.
- The Closing
Just a few more details, and you get the happy ending. The Escrow company confirms your closing. Funds are received and the Grant Deed and Deed of Trust are recorded. Your final closing statement is prepared and your title is issued. It's all downhill from here, where your wonderful reward is waiting. Start planning the housewarming party and collect your keys. - Happily ever after.
Good maintenance, together with our warranty, should keep you and your home happy.
A little maintenance goes a long way. To help you keep your home healthy, we'll teach you tips during the homeowner orientation, and provide you with reference information called "Caring for Your Home." Please follow the suggested guidelines, and familiarize yourself with the SeaCountry Homes warranty. This way, you'll know exactly what to do in the event there's a problem.
- We'd love to hear from you!
You're all moved in. Your dream's come true. But let's not say good-bye! Keep in touch. Let us know how things are going. By giving us feedback, you'll help us to design your next home, and be the best builder possible. Which is our dream.
How much to spend
Before you get your heart set on a movie star's mansion, it's a good idea to figure out how much you can spend on your new home. There are some basic formulas you can use as a guideline, so that you know what price range to shop in.
The first thing to calculate is your debt-to-income ratio. This is the percentage of your gross income that you can use to make payments on your debts. It runs between 28 and 36 percent, depending on the lender.
When figuring out your debts, you need to add up everything. Debts include:
- Mortgage principal and interest (P&I)
- Property taxes
- Automobile loans
- Insurance
- College loans
- Personal loans
- Credit card payments
The down payment you make will also influence how much you can spend. The more you have to put down, the lower the mortgage will be, lowering your debt-to-income ratio. By putting down at least 20%, you can eliminate the need for private mortgage insurance (PMI). PMI is a monthly premium that insures the loan against default.
