Financing

How do I determine how much my new home will cost?

Buying a home is very much like buying a bag of groceries. The price depends on what you put in the bag. The same applies to homes.

Many amenities are available that you, the customer, are able to choose from. Custom cabinetry, whirlpool tubs, interior door styles, hardwood trim packages, various grades of carpet, ceramic tiles, and hardwood flooring are only a few of the items you are able to customize yourself.

As you pick and choose what options and necessities you want in your new home - the price will reflect these choices. Therefore, it is very hard to say factory built homes cost a certain amount of dollars per square foot.

However, it is safe to say that most of the homes from Pine Ridge cost less per square foot than site built homes; sometimes as much as 10-15% less. In addition, there are many more benefits during the construction process the consumer can take advantage of such as reduced weather delays, more efficient build times, and quality of work advantages.

It doesn't take a genius to see the great savings a factory built home can offer. Review some of our products and you'll soon see why so many people are turning to Pine Ridge Homes and the factory built home market for their housing needs.

How does the financing work?

Financing a factory built home can be done in a variety of ways. Pine Ridge Homes has several lenders we work with who enable us to provide the absolute best deal with the most convenient terms for our customers. A construction loan is required and then the permanent mortgage is finalized at the end of construction. Generally the interest rate on a home varies depending on the amount of equity, or down payment, going into the loan. The terms of the loan can vary as well. Consumers are able to finance a home over a short period of time, or terms of up to 30 years are available. A factory built home can have the same mortgage terms as the site-built market and longer lending terms can make a new home much more affordable.

Land/Home financing is also available. Whether it is a single lot or several acres, the consumer is able to roll the purchase price of the land and the price of a new home into one package with one monthly payment. The same terms as above apply. A land/home transaction can also be in the form of land already owned. The property can be used for a down payment. This could mean that no out-of-pocket cash would be needed! And, as with all land/home transactions, improvements to the property can also be financed. Driveways, septic systems, wells, garages, sidewalks, etc. can all be financed in the same package. More and more people are purchasing a " turn key" package, and Pine Ridge Homes welcomes the opportunity to help with all of your housing needs.

To help you determine a monthly payment that would fit into your budget, use our Mortgage Payment Calculator.

If you would like more information on any of our financing programs, please give us a call at 618-283-4340, or e-mail us at pineridge@pineridgehomes.net. We will be happy to spend some time helping you pursue the avenues that will work best with your current housing situation.