Take the price cut if you are paying cash, making a very large down payment, expect to sell within a couple of years, or need a lower purchase price to stay under a loan limit or program cap.
Full breakdown: Builder Rate Buydown vs. Price Reduction in Utah: Which Is Actually Better? · Utah Builder Incentives Explained
It changes from week to week. Some builders carry more inventory under $450,000 than others at any given moment, and homes priced under that line come and go as fast as they’re built and sold. Right now, the Utah County builders with homes priced under $450,000 include Arive Homes, Century Communities, DR Horton, Edge Homes,…
For most buyers, the permanent buydown. It lowers your rate for the life of the loan and increases what you qualify for, while a 2-1 only lasts two years and adds no buying power. The 2-1 wins mainly if you have a specific reason to expect a refinance or sale within that window. Full breakdown:…
Usually yes, at least in part. Most Utah builders make the incentive conditional on financing through their preferred lender. Ask the builder directly whether any portion of the incentive survives with an outside lender, because a few will negotiate on that. Full breakdown: Do I Have to Use the Builder’s Preferred Lender in Utah? ·…
It depends what you mean by closing costs. Title and lending costs alone typically run roughly 1 to 1.5% of the purchase price on a Utah new construction home. But what most buyers actually want to know is how much cash they’ll need out of pocket, and that’s a different number. You’ll have a builder…
It is worth doing if your file is complicated, such as self-employment income or a recent job change. An independent pre-approval tells you where you stand before you hand your complete financial picture to the builder’s lender. Full breakdown: Do I Have to Use the Builder’s Preferred Lender in Utah? · Utah Builder Incentives Explained
Not typically, and that is the change from several years ago. Builder rates are now often competitive before the incentive is applied. Have your own lender review the loan estimate for fees and points rather than assuming the rate is padded. Full breakdown: Do I Have to Use the Builder’s Preferred Lender in Utah? ·…