Keystone Keys to Savings: Leverage your builder and lender incentives to save on your home purchase.

Welcome to our blog series -

Keystone Keys to Savings!

This blog series will offer insights into ways you can save money when buying a home. In this series, we'll explore ways to help you save on your monthly payments with interest rate reduction options, down payments, and closing costs.

Save Money on Your Monthly Payment: Interest rates can impact your monthly payment and can cost or save you money each month and over the life of your loan. Interest is the price you pay to borrow money and is typically calculated as a percentage of the total amount financed. Interest rates are influenced by market conditions and buyer circumstances. 

• Leverage lender/builder incentives or pay cash to buy down your interest rate

• Leverage lender incentives and/or increase your down payment

Note: With at least a 20% down payment or with the use of a VA loan, you can eliminate private mortgage insurance, saving you hundreds each month

• Refinancing in the future when rates drop which will reduce your interest rate

• Explore various options for homeowners insurance to find the best rate

• Buy a home in an area with lower property taxes

• Consider an Adjustable Rate Mortgage (ARM) which will initially offer lower interest rates but will increase after the initial period. Note: Be prepared for fluctuations and carefully weigh the pros and cons.

Save Money on Your Down Payment: Explore loan types like USDA and VA loans to see if you qualify for up to 100% financing, understand qualifications and shop lenders to learn more about lender incentives, such as Colony Bank's 1% Heroes down payment program. Learn more on our incentives page!

Save Money on Closing Costs: Obtain a closing cost breakdown, estimate expenses, and discuss payment options with your lender. Consider using cash, builder incentives, and lender incentives to cover these costs. Note that in some circumstances, you may have the option to roll closing costs into the price of the home and finance these with your home purchase. Talk with a lender to see if you qualify! 

We at Keystone hope you’ve learned more about how you can leverage your builder and lender incentives so that you can save money on your home purchase. We are committed to ensuring you know that you have lending options and encouraging you to meet with a lender as early on in the buying process as possible. We believe that when you understand your options, you can make informed decisions and save significantly on your home purchase.

Stay tuned for more insights in our "Keystone Keys to Savings" series to learn more about lowering your interest rate, monthly payment, down payment and closing costs so that you can maximize your savings! 

Ready to read more about lowering your interest rate and maximizing your savings? Click Here!