New Home Questions Answered

Frequently Asked Questions

Have questions related to buying and financing a new home? Check out our list of FAQs from other home shoppers like you, with answers from our team of New Home Advisors and our Shea Mortgage Team. 

Our team of New Home Advisors is here to answer your questions Monday-Friday from 7am-6pm AZ time and Saturday-Sunday 8am-5pm AZ time. Call us at 866-696-7432 or contact us online.

Where does Shea build new homes?
Shea Homes builds new homes in 10 states and 17 metropolitan markets:

What are your community hours and how do I find directions to visit?
Most Shea Homes communities are open daily except for the following company holidays: Easter, Independence Day, Thanksgiving Day, Christmas Eve, Christmas Day and New Year’s Day. Any office closures will be listed on our web site. Community hours vary by area. Search for a new home and select a community to view daily hours and find the community address and directions.
Do I need to make an appointment to visit your community?
Appointments are not required; however, they are highly recommended, so our Community Representative can assist you in accomplishing your goals on your visit. To schedule an appointment, contact our team of New Home Advisors at 866-696-7432.
Do I need a Real Estate Agent to purchase a new home?
Our Shea Homes Community Representatives will work with you to determine the best home plan for your lifestyle; tour available homes and home sites; discuss home features and assist you with a purchase and sale agreement when you select your home. Shea Homes is a broker-friendly builder. While a real estate agent is not required, if you are working with an agent bring them with you on your first visit to the community.
How do I know how much house I can afford?
This is a personalized question that is best discussed with your financial advisor or mortgage provider. Generally, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. You may also be able to take advantage of special loan programs for first time buyers to purchase a home with a higher value. Contact our Shea Mortgage Team with questions.
How can I finance my new home?
There are several financing options available to new home buyers. One option is to work with Shea Mortgage who help in the financing of Shea Homes across the country. Though you are not required to finance through Shea Mortgage when purchasing a new Shea home, Shea Mortgage is intimately familiar with the new home building process and is able to provide competitive rates, programs and solutions.
How do I know which type of mortgage is best for me?
There is no simple formula to determine the type of mortgage that is best for you. This choice depends on a few factors, including your current financial picture and how long you intend to keep your house. Our team at Shea Mortgage can help you evaluate your choices and help you make the most appropriate decision.

What is the difference between a fixed-rate loan and an adjustable-rate loan?
With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an adjustable-rate mortgage (ARM), the interest changes periodically, typically in relation to an index. While the monthly payments that you make with a fixed-rate mortgage are relatively stable, payments on an ARM loan will likely change. There are advantages and disadvantages to each type of mortgage, and the best way to select a loan product is by talking to us.
What does a mortgage payment include?
For most homeowners, the monthly mortgage payment includes the following also known as PITI:

  • Principal: Repayment on the amount borrowed
  • Interest: Payment to the lender for the amount borrowed
  • Taxes & Insurance: Monthly payments are normally made into a special escrow account for items like hazard insurance and property taxes. This feature is sometimes optional, in which case the fees will be paid by you directly to the County Tax Assessor and property insurance company.

Private Mortgage Insurance (PMI), a policy that fulfills those obligations of a mortgage when the policy holder defaults or is no longer able to make payments, may also be required.
How much cash will I need to purchase a home?
The amount of cash that is necessary depends on a few items. Generally speaking, you will need to supply:

  • Earnest Money: The deposit that is supplied when you make an offer on the house
  • Down Payment: A percentage of the cost of the home that is due at settlement
  • ​Closing Costs: Costs associated with processing paperwork to purchase or refinance a house.

What is a Mortgage Rate Lock and when can I lock in the interest rate on my loan?
Depending upon market conditions, fluctuations in mortgage rates can happen on a daily (and even hourly) basis. A mortgage rate lock is a financial tool that is provided by lenders to help control the fluctuation of mortgage interest rates during the processing of your loan. Rate locks are generally available between 30 and 60 days but can sometimes be extended a little bit longer.
How long will it take to build my new home?
There are many variables to consider, including permitting, weather, material availability, TradePartner® work schedules, inspections and financing. The build time on a new home can take anywhere from 6 months to over a year. Please contact us for build times at the community you are interested in.
How can I view homes under construction?
At Shea Homes, the safety of our customers and our teams is critical. If you want to see a home that is under construction, including your own home, we require that you set an appointment with one of our Community Representatives, so we can accompany you while viewing homes. You will be required to wear a hard hat and close-toed shoes. For your safety, it is important that you never enter a home under construction unaccompanied.

What features are offered in your homes?
To view some of the features available in our homes, search for a new home and select a community to view our home plans and features.
Will I be able personalize my new home?
When you buy a new home that has not started construction yet, you will meet with our Design Studio team to personalize your new home. If you purchase a home that has started construction, also known as a quick move-in home, some features will be pre-selected, and personalization may not be available or may be limited.

What is a Homeowner's Association and what are the fees?
A Homeowner’s Association (HOA) refers to the group responsible for the administration of the covenants, conditions and restrictions, also known as the “CC&Rs” of a housing community. This often includes the maintenance of the amenities of a community among other things. HOA responsibilities and rules vary depending on the community and amenities offered. Fees will also vary depending on what is covered. To learn more about the HOA at the community you are interested in, search for a new home, select a community and view the HOA information listed under Community Facts where available.


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