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Save on Closing Costs with the Walden Mortgage Incentive
Save with the 2% Walden Mortgage Incentive! Choose Walden Mortgage to finance the purchase of a new Ball Home and receive up to 2% of the loan amount in closing costs and/or prepaids from Ball Homes at closing. This flexible incentive can be applied where it works hardest, according to your goals.
For most homebuyers, a mortgage is part of the homebuying strategy. Buyers who choose and qualify to finance the purchase of a new Ball Home through Walden Mortgage can leverage the Walden Mortgage Incentive to maximize their homebuying dollars and tailor the incentive to their individual situations.
What is it Worth?
The Walden Mortgage Incentive offers a valuable tool in getting in the door of a new home. The amount of the incentive is tied to the new home loan amount and the incentive is reflected on the settlement statement at closing. For example, on a new home loan of $300,000, the 2% Walden Mortgage Incentive provides up to $6,000 in closing costs paid by Ball Homes under the terms of the Walden Mortgage Addendum. On a new home loan amount of $400,000, the 2% Walden Mortgage Incentive is valued at up to $8,000.
How Can It Be Used?
This flexible incentive allows the homebuyer to decide how to best utilize the funds. On many loans, two percent goes a long way toward covering closing costs and prepaids, allowing the buyer to come to the closing table with mostly down payment funds. However, for buyers who prefer to leverage the incentive to secure a lower interest rate and save even more money over the life of the loan, some or all of the incentive can be applied to buy down the interest rate.
For example, a $500,000 home with 20% down and a loan amount of $400,000 loan would allow for $8,000.00 to use with Walden in one of the following ways:
Looking for lower down payment options?
- Minimize closing costs and prepaid expenses. The incentive could cover most if not all of closing costs and prepaid expenses, so what the homebuyer brings to the closing table is largely down payment.
- Secure a lower interest rate. Two percent of the loan amount should be enough to buy down an interest rate by .50% to .75%. This will save nearly $15,000 over a five-year period based upon the $400,000 example above, and much more over the life of the loan.
- Get the best of both worlds. Use one percent of the loan amount to lower the interest rate by .25% to .375%. This will save nearly $7,500 over a five-year period based upon the example above, and much more over the life of the loan. Then apply the remaining one percent of the incentive toward closing costs-- in this example, $4,000.
Qualifying buyers can finance a new Ball Home with an FHA loan through Walden Mortgage and save. With a down payment requirement as low as 3.5%, and current FHA loan limits in our region up to $420,680, qualifying buyers can combine the benefits of the FHA loan type and apply the 2% Walden Mortgage Incentive toward closing costs and prepaids to get in the door of a new home with less funds required at the closing table.
Walden Mortgage is a full service lender, offering Conventional, FHA, VA, & USDA loan programs, and convenient locations adjoining the Lexington, Louisville, and Knoxville Ball Homes offices. To be pre-qualified on-line, visit www.waldenmg.com
To learn more about financing a new home, check out the Homebuyer Edition of the Mortgage Guide from Walden Mortgage Group.
Offer is subject to change without notice.
The above examples are intended to provide a reasonable comparison of estimated terms at a set moment in time. This is not an offer for extension of credit or commitment to lend. All terms are subject to change without notice. Please call for current information and speak with a loan officer to better understand how the available terms can be applied to your individual circumstances.