Holiday Sales
May 23, 2008
It seems almost traditional that retailers have "holiday Sales" whenever there is a holiday; Washington's birthday, Veteran's day, Thanksgiving, etc. Builders who have unsold inventory of homes are now doing special promotions for holiday weekends. This Memorial Day weekend could be a great time to tour the housing developments in your area and check out the inventory and the perks that the builders are offering.
It is possible to get builder financing that is below current market interest rates. Because of the abuses of the past few years, these loans will (or should) have safeguards for the borrower. If you are considering tempting builder financing, be sure to check out the details. For instance, what is the interest rate on the note? Is the loan adjustable and when and how often does it adjust? Is there a prepayment penalty? What are the fees?
Builders may also offer other buyer incentives. They never like to reduce their selling prices, but a buyer will probably be able to obtain many upgrades from the standard production home; landscaping, window coverings, etc. Another possibility is that the builder will pay your loan and escrow costs or several months of homeowners' dues.
If ever you want to be the first occupier of a home, now may be a great time to realize that dream.
It seems almost traditional that retailers have "holiday Sales" whenever there is a holiday; Washington's birthday, Veteran's day, Thanksgiving, etc. Builders who have unsold inventory of homes are now doing special promotions for holiday weekends. This Memorial Day weekend could be a great time to tour the housing developments in your area and check out the inventory and the perks that the builders are offering.
It is possible to get builder financing that is below current market interest rates. Because of the abuses of the past few years, these loans will (or should) have safeguards for the borrower. If you are considering tempting builder financing, be sure to check out the details. For instance, what is the interest rate on the note? Is the loan adjustable and when and how often does it adjust? Is there a prepayment penalty? What are the fees?
Builders may also offer other buyer incentives. They never like to reduce their selling prices, but a buyer will probably be able to obtain many upgrades from the standard production home; landscaping, window coverings, etc. Another possibility is that the builder will pay your loan and escrow costs or several months of homeowners' dues.
If ever you want to be the first occupier of a home, now may be a great time to realize that dream.
posted by shirley harry at 8:23 AM
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