1. Lower Out-of-Pocket Costs
Buying a home can feel like draining your bank account in one swift move. With all the closing costs—like inspections, appraisals, and down payments—your savings can take a serious hit. But imagine if the builder chipped in with thousands in closing costs? That’s a hefty amount of cash you don’t have to come up with on your own. This means you can keep more money in your pocket, whether it’s for new furniture or just a bigger emergency fund.
2. Easier to Qualify for a Mortgage
Getting a mortgage isn’t a sure thing—lenders prefer to see that you’ve got cash reserves. If your bank balance looks a little healthier thanks to some help with closing costs, you’re more likely to meet those requirements. Plus, with less upfront cost, you’re not as strapped for cash, making it easier to meet the lender’s criteria. Talk to a Boyd Homes Preferred Lender to qualify.
3. Lower Monthly Payments
When builders cover part of your closing costs, it can mean borrowing less overall. And you know what that means? Lower monthly mortgage payments! It’s like a win-win: you get the home you love, and your monthly budget doesn’t get stretched to the breaking point. That extra bit of financial wiggle room can make a big difference, whether it’s saving for vacations, hobbies, or future investments.
4. Pay Down Points
If you’ve ever heard of “buying down points” and wondered if it’s worth it—spoiler alert: it can be! Using builder incentives to buy down points can lower your mortgage interest rate, which means you’ll pay less in interest over the life of the loan. It’s like trading short-term gains for long-term savings, which is always a smart move when you’re playing the financial game.
5. Reduce Financial Stress
Money stress is real, especially when you’re making one of the biggest purchases of your life. But having extra funds to cover those pesky closing costs can take a huge weight off your shoulders. Less financial strain means you can enjoy the excitement of your new home without constantly crunching numbers in your head or worrying about making ends meet right after closing.
6. Moving Costs
Let’s face it, moving is an expense. From hiring movers to buying packing supplies, those costs add up. When builders help cover your closing costs, you might find yourself with some extra cash that can be funneled into making your move as smooth and stress-free as possible. Whether it’s renting a moving truck, paying for movers, or just buying pizza for friends who are helping you out, every little bit helps.
7. Home Upgrades
Ever walk into a model home and fall in love with all the upgrades? Well, with extra funds freed up from not having to cover all the closing costs, you might actually be able to get that tech package with built-in speakers or that fancy backsplash you’ve been dreaming of. It’s like a little bonus that makes your new house feel more like the home you’ve always envisioned.
8. Improves Cash Flow
Post-purchase, it’s all about maintaining good cash flow. By saving on upfront costs, you’ll have more money each month to cover bills, save for future goals, or just enjoy life a little more comfortably. It’s not just about buying a house; it’s about making sure you can enjoy living in it, too.
9. Cover Utility Deposits
Moving into a new home often means setting up new utilities, which can sometimes come with hefty deposits. Instead of scrambling to cover these unexpected costs, you can use some of those builder-provided funds to take care of them. It’s one less thing to worry about when settling into your new space.
10. Lock in Interest Rates
Interest rates can change daily. Using funds from the builder to lock in a lower interest rate can provide peace of mind. You’ll know exactly what your rate will be, and you won’t have to stress about potential increases. It’s like a safety net that keeps your financial plans on track.
In a nutshell, having a builder cover $15,000 in closing costs isn’t just about saving money upfront; it’s about setting yourself up for financial success as a homeowner. It gives you the flexibility and breathing room to truly enjoy your new home without feeling overwhelmed by costs and financial strain. So if you’re house hunting, contact one of the preferred lenders for these incentives—they might just be the key to unlocking your perfect home.
