Centex Homes Layouts and Floor Plans
- Many designs include flex rooms that can be used for a variety of options, depending on your needs.
- Unobstructed interior views in each home give the sense of depth and space.
- Available 10-foot vaulted ceilings that give visual appeal.
- Several floor plans to choose from that are designed for the way you live.
- State-of-the-art, quality construction.
Centex Homes Warranty and Value
- Every home is builder backed and includes a one–year warranty that covers any minor fixes to your home you may need, as well as a 5-year leak protection and 10-year structural warranty.*
- Centex homes are also 30% more energy efficient than the average US home. And our contemporary designs help make our homes timeless.
- *Warranty offered in California and New Jersey is different. See sales associate for details on warranties offered in those states.
New Home Buying Process Basics
Our Commitments to You
- We will respect you. Period.
- We will know our stuff.
- We will explain everything in simple terms.
- We will help you understand the cost of ownership.
- We won't rush you. This is a big decision.
- We will stand behind what we say.
- We will stand behind what we build.
Adjustable Rate Mortgage (ARM) - A mortgage in which the interest rate is adjusted periodically according to a pre-selected index. Payments may go up or down accordingly.
Affiliated Business Disclosure - A disclosure given by Pulte Mortgage, LLC, an affiliate of Pulte Homes, Inc. outlining the service provided and cost of using the affiliated party's service.
Alternative Credit Offer - An offer to extend credit on different terms than the applicant originally requested.
Amortization - The systematic and continuous payment of an obligation through installments until the debt has been paid in full.
Annual Percentage Rate (APR) - The cost of credit expressed as an annual rate. It usually includes a combination of the interest rate, points and certain other fees paid to a lender to acquire a mortgage. The APR is the most meaningful measure for comparing the cost of mortgage loans offered by different lenders.
Application - A printed form used by a mortgage lender to record necessary information concerning a prospective mortgage.
Appraisal - A report made by a qualified person setting forth an opinion or estimate of property value. The term also refers to the process by which this estimate is obtained.
Approval Letter - A lender's written offer to grant a mortgage loan outlining the terms, the amount of the loan, the interest rate and any other conditions. It can also serve as a communication of the lender's decision to the borrower's application.
APR (Annual Percentage Rate) - The cost of credit expressed as an annual rate. It usually includes a combination of the interest rate, points, and certain other fees paid to a lender to acquire a mortgage. The APR is the most meaningful measure for comparing the cost of mortgage loans offered by different lenders.
ARM (Adjustable Rate Mortgage) - A mortgage in which the interest rate is adjusted periodically according to a pre-selected index. Payments may go up or down accordingly.
Assessed Valuation - A payment to the lender from the seller, buyer, or third party, causing the lender to reduce the interest rate.
Buy down - A payment to the lender from the seller, buyer, or third party, causing the lender to reduce the interest rate.
Cash to Close - Liquid assets readily available to pay the down payment, closing costs, and prepaid items of a mortgage transaction.
Certificate of Occupancy - A certificate issued by a local building department to a builder or renovator, stating that the building is in proper condition to be occupied and stating the legally permissible use of the building.
Closing - The meeting during which the title to the property actually changes hands, documents are executed and the sale of the property and/or the loan is completed.
Closing Costs - Money paid by the borrower in connection with the closing of a mortgage loan. This generally involves an origination fee, discount points, appraisal, credit report, title insurance, attorney's fees, survey, and pre-paid items such as tax and insurance escrow payments.
Closing Statement/HUD/Settlement Statement - A form used at closing that gives an account of the funds received and paid at the closing, including the escrow deposits for taxes, hazard insurance, and mortgage insurance.
Co-Borrower - Additional borrower(s) whose income contributes to qualifying for a loan and whose name(s) appear on documents with equal legal obligations.
Commitment Fee (Loan) - Any fee paid by a potential borrower to a lender for the lender's promise to lend money at a specified rate and within a given time period.
Covenant - Generally, almost any promise set forth in a written agreement. Most commonly, assurances set forth in a deed by the grantor or implied by law.
Credit Report - A report detailing an individual's credit history.
Deed - A legal document conveying title (ownership) to real property from one individual to another.
Deed of Trust - An instrument used in many states in place of a mortgage. Property is transferred to a trustee by the borrower (trustor), in favor of the lender (beneficiary) and reconveyed upon payment in full.
Delinquency - A loan payment that is overdue but within the period allowed before actual default is declared.
DeMinimus PUD - A Planned Unit Development (PUD) in which the common property has less than a two % influence upon the value of the premises. The two % rule of thumb is calculated by dividing the dollar amount of amenities by the total number of units.
Department of Housing and Urban Development (HUD) - Organization responsible for the implementation and administration of government housing and urban development programs.
Discount Point(s) - An amount payable to the lending institution by the borrower or seller to increase the lender's effective yield. One point is equal to one percent of the loan amount.
Down payment - The money the homebuyer pays at the time of closing for the purchase of the home. It reduces the amount financed.
Earnest Money - A portion of the down payment delivered to the seller or an escrow agency by the purchaser of real estate with a purchase offer as evidence of good faith.
Easement - A right created by grant, reservation, agreement, prescription, or necessary implication which one has on another's land (such as a public utility easement)
Encroachment - Improvements, such as a wall, fence, building, etc., on the property of another.
Equal Credit Opportunity Act (ECOA) - A Federal law requiring lenders and other creditors to make credit equally available without discrimination based on race, color, religion, national origin, sex, age, marital status, receipt of income from public assistance programs, or past exercising of rights under the Consumer Credit Protection Act.
Equity - The market value of property minus any outstanding mortgage or cooperative loan balance or other encumbrance on the property.
Escrow - Funds held by the lender, set aside for payment of taxes and possible property and mortgage insurance and other recurring charges against real property. (Monthly mortgage payments usually include principal, interest, and escrow amounts.) Also a procedure whereby a disinterested third party handles legal documents and funds on behalf of a seller and buyer.
Fair Credit Reporting Act (FCRA) - A Federal law that requires a lender who is declining a loan request because of adverse credit information to inform the borrower of the source of such information.
Federal Home Loan Mortgage Corporation - FHLMC (FREDDIE MAC) - A corporation authorized by Congress which purchases residential mortgages insured by the Federal Housing Administration (FHA) or guaranteed by the Veterans Administration (VA) as well as conventional home mortgages. It sells participation certificates whose principal and interest are guaranteed by FHLMC.
Federal National Mortgage Association - FNMA (FANNIE MAE) - A corporation authorized by Congress to support the secondary mortgage market. It purchases and sells residential mortgages insured by the Federal Housing Administration (FHA) or guaranteed by the Veterans Administration (VA) as well as conventional home mortgages
Finance Charge - The total dollar amount your loan will cost you. It includes all interest payments during the term of the loan, any interim interest paid at closing, your origination fee, and any other charges paid to the lender or to a third party as a condition of the extension of credit. Certain charges like the appraisal, credit report, and the title search charges are not included in the finance charge calculation.
First Mortgage - A real estate loan that has priority over any subsequently recorded mortgages.
Fixed Interest Rate - An interest rate that does not change during the loan term
Flood Insurance - Insurance protecting against loss by flood damage, required by lenders in areas designated (federally) as potential flood areas
Foreclosure - A legal procedure in which property mortgaged as security for a loan is sold to pay the defaulting borrower's debt.
Gift Letter - A written explanation signed by the individual giving the gift stating, "This is a bona fide gift and there is no obligation expressed or implied to repay this sum at any time."
Good Faith Estimate - An estimate of charges that a borrower is likely to incur in connection with a settlement.
Gross Monthly Income - Total monthly income earned before tax and other deductions.
Guaranteed Loans - A loan guaranteed by Veteran's Administration or Rural Development. The guarantee protects the lender against loss incurred by a mortgage default.
Hazard Insurance - Insurance protecting against loss to real estate caused by fire, some natural causes, vandalism, etc., depending upon the terms of the policy.
Homeowners' Association Dues - The fees imposed by a condominium or homeowners' association for maintenance of common areas.
Index - A published interest rate not controlled by the lender to which the interest rate on an Adjustable Rate Mortgage (ARM) is tied. The index and the interest rate linked to it may increase or decrease.
Insured Loans - A loan insured by Federal Housing Authority (FHA) or a private mortgage insurance company. See Mortgage Insurance Premium or MIP.
Interest - A share or right in some property. Also, money charged for the use of money (principal).
Interest Rate Cap - A limit on how much the interest rate can change, either at each adjustment period or over the life of the loan.
Investment Property - Real estate owned with the intent of earning income and not intended for owner occupancy.
Joint Tenancy - Joint ownership by two or more persons with right of survivorship; all joint tenants own equal interest and have equal rights in the property.
Lien - An encumbrance against property for money due, either voluntary or involuntary.
Loan-To-Value Ratio (LVT) - The ratio of the amount of your mortgage loan and the lower of sales price or appraised value.
Margin - The number of percentage points a lender adds to the index value to calculate the ARM interest rate at each adjustment period.
Maturity - Termination or due date on which final payment on a loan must be paid in full.
Monthly Payment - Usually, the amount of PITI (principal, interest, taxes, and insurance) paid each month on a mortgage loan.
Mortgage - The conveyance of an interest in real property given as security for the payment of a loan.
Mortgage Insurance - Insurance protecting the mortgage lender against loss incurred by a mortgage default.
Mortgage Note - A written promise to pay a sum of money at a stated interest rate during a specified term. The note contains a complete description of the conditions under which the loan is to be repaid and when it is due.
Mortgagee - The lender in a mortgage transaction.
Mortgagor - The borrower in a mortgage transaction who pledges property as security for a debt.
Negative Amortization - Occurs when the monthly payments cover only part of the interest then due. The interest cost that is not covered is added to the unpaid principal balance. This additional amount is additional principal.
Non-Conforming Loan - Conventional home mortgages not eligible for sale and delivery to either Fannie Mae (FNMA) or Freddie Mac (FHLMC) because of various reasons, including loan amount, loan characteristics or underwriting guidelines. Non-conforming loans usually incur a higher rate and origination fee.
Note - A written agreement containing a promise of the signer to pay to a named person, or bearer, a definite sum of money at a specified date or on demand.
Occupancy - The use of a property as a full-time residence, either by the title holder (owner-occupancy) or by another party through a formal agreement (rental).
Origination Fee - The amount charged for services performed by the company handling the initial application and processing of the loan. Usually a percentage of the loan amount.
PITI (Principal, Interest, Taxes, and Insurance) - The most common components of a monthly mortgage payment.
Point - One percent of the amount of the loan.
Preliminary Title Report - The results of a title search by a title company prior to issuing a title binder or commitment to insure clear title.
Prepaid Items - Those expenses of property which are paid in advance of their due date and will usually be prorated upon sale, such as taxes, insurance, rent, etc.
Primary Residence - A residence that the borrower intends to occupy as a principal residence.
Principal - Amount of debt, not including interest. The face value of a note or mortgage.
Principal, Interest, Taxes and Insurance (PITI) - The components that make up the total monthly loan payment on your mortgage loan.
Processing - The preparation of a mortgage loan application and supporting documentation for consideration by a lender or insurer.
PUD (Planned Unit Development) - A planned combination of diverse land uses, such as housing, recreation, and shopping in one contained development or subdivision. A major feature of a PUD includes areas of common land for use by the housing unit owners. The association of unit owners generally owns, pays fees, and maintains the common areas. Also see DeMinimus PUD.
Purchase Contract - An agreement between a buyer and seller of real property, setting forth the price and terms of the sale. Also known as a sales contract.
Qualifying Ratios - The ratio of fixed monthly expenses to gross monthly income. Used to determine how much the homebuyer can afford to borrow.
Rate Lock - An agreement guaranteeing the homebuyer a specified interest rate provided the loan is closed within a set period of time.
Real Estate Settlement Procedures Act (RESPA) - A Federal law requiring lenders to provide home mortgage borrowers with information on known or estimated settlement costs. It also establishes guidelines for escrow account balances and servicing disclosure.
Real Property - Land and that which is affixed to it.
Refinancing - The repayment of a debt from the proceeds of a new loan using the same property as security.
Residential Mortgage Credit Report - A report requested by your lender that utilizes information from at least two of the three national credit bureaus and information provided on your loan application.
Second Home (Vacation Home, Weekend Home) - A residence other than the borrower's primary residence, which the borrower intends to occupy for a portion of each year.
Secondary Mortgage Market - A market where existing mortgages are bought and sold. It contrasts with the primary mortgage market where mortgages are originated.
Security - In lending, the collateral given, deposited, or pledged to secure the payment of a debt.
Survey - A print showing the measurements of the boundaries of a parcel of land, together with the location of all improvements on the land and sometimes its area and topography.
Title Insurance - Insurance against loss resulting from defects of title to a specifically described parcel of real property.
Title Search - An examination of public records to disclose the past and current facts regarding the ownership and lien priority of a given piece of real estate.
Total Debt Ratio - Monthly debt and housing payments divided by gross monthly income. Also known as Obligations-to-Income Ratio or Back-End Ratio
Truth-in-Lending Act - A federal law requiring a disclosure of credit terms using a standard format. This is intended to facilitate comparisons between the lending terms of different financial institutions.
Underwriting - Analysis of credit risk on a specific rate and term for a mortgage on a given property for given borrowers.
Knowing what to ask
We sincerely hope you choose Centex to build your new home. However, no matter with whom you plan to talk, you should be prepared to ask any builder some key questions before making your decision. Here are some of those questions.
What should I look for in a builder?
Begin by selecting a builder who specializes in the type of home you want to buy. Make sure they have experience in the area you want to build, that they have a history of building quality homes, and are financially stable. Take the time to check their references and talk to past customers. Also, make sure that the builder is available to start your project when you need it to start.
You also want to ask the builder if it offers a comprehensive warranty.
Why should I build when I could buy?
If you need to move into your home within a month, then you’ll want to buy a new home that’s already finished. But if you want a home that is built specifically to your needs and desires, and you can’t find a home that exactly matches your requirements, then you’ll want to build your new home from the ground up. Centex offers both. All of our homes are built with integrity, quality and commitment to customer service that you’d expect from some of the nation’s leading homebuilders. Begin your search for a new home today.
What awards have you received?
You should be confident that your builder has been recognized for excellence in the industry. Ask the builder about its history of industry achievements. That history tells you something about the company you’ll keep as you build or buy your new home. Centex operations have a legacy of awards and recognition for business performance, building methodologies, energy innovation, employment practices, and customer satisfaction. You’d be proud to become a member of our family.
Do you have a specific process to involve me in the building of my home?
Involvement in the entire home building process is key to getting what you want in your home, and to enjoying a delightful experience living in your home years to come. Ask the homebuilder how you will be actively involved in that process.