A 7/6 ARM is an interest rate structure where the rate stays fixed for seven years, then adjusts every six months after that, based on whatever index it’s tied to. Rates could go up or down from there, depending on where the market moves. Most 7/6 ARMs also carry a maximum and minimum rate cap,…
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…
Builders will negotiate, but maybe not as aggressively as deal-seeking buyers hope. You can often get little things thrown in — free blinds throughout the house, a refrigerator, small credits here and there. But if a builder is already offering a big incentive — say, a 7/6 ARM with a 2-1 buydown bringing the first-year…
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,…
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
Yes. The preferred lender communicates your full loan details back to the builder, including income, assets, and what you actually qualify for. This is normal, but it means the builder knows your financial position during negotiation. 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? ·…
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? ·…
Typically at quarter and year end, and on standing inventory with a completion deadline the builder wants to clear. Incentives also tend to shrink when demand picks up, which is worth remembering if you are waiting for a better moment — waiting is not automatically neutral. Full breakdown: Utah Builder Incentives: How They Work and…
Financing incentives and closing cost credits generally do not lower the recorded sale price, which is part of why builders prefer them. That protects the comps in the community — including the comps that support your own home’s value later. Full breakdown: Utah Builder Incentives: How They Work and How to Compare Them · Utah…
The published incentive is rarely negotiable, but how it gets applied often is. Builders protect the headline number and stay flexible underneath it. Asking whether a credit can go toward a permanent buydown instead of closing costs is a normal question and frequently a productive one. Full breakdown: Utah Builder Incentives: How They Work and…
Slightly. On a real Utah new construction deal where a builder charged $20,000 more for the home in exchange for a permanent rate buydown, that extra $20,000 in assessed value added roughly $10 a month in property tax — which pushed the buydown’s breakeven timeline out by about a month. It’s a real cost, but…