Coventry Homes is now offering buyers ways to save on the cost of a new home with its latest promotion, set to expire June 30.
During the Buyers Choice Sales Event, Houston-area buyers who finance a Coventry home through the builder’s preferred lender can choose from three options: paying no closing costs, an interest rate buy-down or an extended interest rate lock.
“The economy has some people considering hitting the pause button on their dreams of homeownership,” said Paul Blackburn, region president for Coventry Homes, in a press release. “There are worries about closing costs and rising interest rates. We want to help them save money in a way that works best for them now and in the future.”
In Texas, closing costs average 2-3% of the price of a home, the release noted. For example, on a $300,000 home, closing costs can run from $6,000 to $9,000 and are due upon signing the final paperwork.
An interest rate buy-down allows buyers to pay extra money to get a lower interest rate for a certain number of years. Buy-downs can help homeowners pay less interest over the life of their loan and save on monthly payments.
An extended interest rate lock allows buyers to cap their interest rate, protecting them if rates rise before the home closes. In addition, in most instances, homeowners can refinance their loan later if interest rates drop, Blackburn said.
Coventry Homes builds in 27 Houston-area communities, including Grand Central Park in Conroe, Costal Point in League City, Sienna in Missouri City and Cane Island in Katy. Homes are priced from the $300,000s to more than $1 million.