What sets Mitchell Homes Save $14,762 With Mitchell Homes - Break Down Of Construction Loan Interest & Closing Cost Savingsapart from other homebuilders in Virginia? We believe our experience, our ability to build one of our 30+ customizable floor plans or your own home design, our impressive list of standard features included in every home we build, and our customer service are just a few.

On top of everything above, one of the largest advantages Mitchell Homes offers over other homebuilders is SAVINGS. With Mitchell Homes, there’s no down payment for qualified landowners, there’s no construction loan, and we will pay all of the closing costs. On a $250,000 loan, that’s a savings of $14,762! Let’s explore these savings in more detail.

Other homebuilders require buyers to secure a construction loan before construction on a new home will begin. The builder draws on this loan while the home is being built. The buyer makes interest payments on this loan during that same period. The interest rate on a construction loan is higher than that of typical mortgage loan. A construction loan requires that the buyer close on the loan prior to construction beginning, which requires even more cash out of pocket to pay for closing costs. However, Mitchell Homes has the financial stability and knowledge through experience to begin construction without requiring a costly construction loan, which saves our customers close to $5,000 out of pocket in interest expenses alone on a $250,000 loan.

Closing costs are the sum of a number of fees including: recording fees, inspection and assessment fees, credit check fees, and attorney fees among others. However, Mitchell Homes pays all of these closing costs for you when you go to closing with your mortgage lender after the completion of your new home. This saves our customers nearly $10,000 on a $250,000 loan.

So, what are you waiting for? Now’s the time to start designing and building your dream home on your lot in Virginia, Southern Maryland, or Northeastern North Carolina with Mitchell Homes. Not only will you enjoy all of the features above that set us apart from other homebuilders, you’ll experience the best advantage we have to offer – Savings.