Mitchell Homes Fredericksburg
So you’ve found the perfect property and you’re ready to build your dream home there. You’re excited to finally own your own home and have a place to start making memories.
The only problem is, if you’ve done a little research online, you might be intimidated by the process.
Construction loans. Down payments. Closing costs. Interest payments. The numbers can be overwhelming. And most builders state right on their websites you’ll have to have all of this ready and waiting before they’re willing to talk. You want to start building now so you can start living in your dream home as soon as possible, not spend extra time saving up for your down payment or acquiring additional loans.
Mitchell Homes is the only builder in Virginia, Southern Maryland, or Northeastern North Carolina that lets you build without requiring you to finance a construction loan, pay your own closing costs, or provide a hefty down payment. These are savings that mean you can start living in your new home sooner, and that you can spend on things that are more important to you as a future homeowner, like buying the perfect furniture to decorate your new space.
If you’re a qualified landowner in Virginia, Southern Maryland, or Northeastern North Carolina, here are the ways you can save thousands of dollars by choosing Mitchell custom homes.
No Construction Loan
A construction loan is money that many home builders require their buyers to secure before construction begins. The builders then use this money to draw from during the construction process. Construction loans are different from other loans in that the lender can regularly check up on the building progress to make sure things are on track and the money is being used effectively.
Securing this loan can be frustrating and yet another step to take during an already complex process. You as the home buyer have to make interest payments on the loan while the house is being built. And, with the special rules involved in construction loans to make sure you don’t walk away from the project, this just adds more complications and money.
To help you, Mitchell Homes doesn’t require you to secure a construction loan before we start working on your home. Instead, we have one of our partner lending institutions to meet with you. Your consultant will help you find a mortgage program that fits your budget, and you won’t have to make a payment until after you close.
This simplifies the process and saves you almost $5,000 on a $250,000 loan, as well as saving you from the frustration that comes with getting a construction loan.
Our partner lending institutions know that Mitchell Homes is a trustworthy company that follows through on our projects, allowing us to pass this benefit to you.
No Closing Costs
Closing costs are another sum of fees that are often associated with buying a new home. These are costs that cover a number of things that need to be done before the house can officially be sold to you. These include fees related to inspection, legality, insurance, and assessments.
Unlike many other home builders, Mitchell Homes pays for all of your closing costs once your home is finished being built. We know that it’s hard having yet another thing to think about paying for when all you want to do is close on your new home and move in. And typically, you have to shop around to find the lender that would best suit you, as there is a variance in fees depending on the lender.
Typically, closing costs end up being anywhere from 2-5 percent of the purchase price of your home. By paying for your closing costs, our clients typically save nearly $10,000 on a $250,000 loan.
No Down Payment
A new home is one of the biggest purchases you’ll ever make. And while finance companies do what they can to help you qualify and get into a home, they still are conscious about risk.
A mortgage company assumes if you put some money down on the project, your risk factor decreases. The more you put down, the lower the risk of you stopping payment and walking away.
Many builders require this, but that means a buyer might have to put off owning a home if they don’t have thousands of dollars already saved up to make that down payment.
Since a minimum down payment is usually 3-5 percent of the house’s price, for a $250,000 loan, you might have to save up $12,500 or more before a mortgage company approves your request for a home loan, and your house can start being built.
Mitchell Homes does not require you to make a down payment, meaning that you’ll save money up front. Instead, this amount will simply be a part of the monthly payment calculated for the life of your mortgage loan. Without having to save enough for a down payment, it makes homeownership far more accessible right now.
More Valuable Reasons to Choose Mitchell
By choosing Mitchell custom homes, you not only save money, but you also get the value of our top-notch customer service. We prioritize our clients’ experience, making sure that building your dream home is exciting and enjoyable rather than stressful.
We aim to provide excellent customer service to you and are dedicated to working with you and your budget. We want to have mutual trust, and our two-and-a-half decades of experience have provided many happy clients with homes.
Going with a reputable home builder who truly cares about you and your experience in the building process adds even more value. We care about every step, from partnering with trusted suppliers to hiring team members who build homes to the high standards.
As well, we want you to be truly happy with the home you’re in. We have over thirty floor plans for you to start designing your new home from. Whether you want a two-story or a ranch, three bedrooms or four, you’re sure to find a few Mitchell custom homes that you can see yourself living in.
Are you ready to get started?