Financing Your New Home

Do I need to get pre-qualified by a bank before meeting with Hillcrest?

Not at all! In fact, we feel it is beneficial to first sit down with us to understand:

- How much house you will get for your money

- What the financing parameters are and what is the best source of financing

- Whether a construction loan or other means of financing is best for you, here is some key information to get you started before we meet.

How much down payment do I need?

With 20% down payment and a good credit score, the answer from the bank is of course YES! That is a great for many of our customers, but 20% down is unrealistic for many others.

So what about 10% down or even 5% or 3% or 0% down?

There are many options for low down payment loans, and in some locations for qualified buyers zero down is available. When you sit down with us to review a new home build, we will provide you a comprehensive review of financing options.

What is PMI and how does it work?

Private Mortgage Insurance (PMI) is a financial product that allows you to have less than 20% down payment and still qualify for a 30 year fixed mortgage. PMI adds a monthly charge, typically about 0.9 percent. Once you build up enough equity, PMI can be reduced and eventually eliminated.

How do I know how much I can borrow in relation to my monthly paycheck?

We can review your financials including income and other debt and analyze with you how much a bank will lend and what will work for your budget, so you have the right comfort level in terms of lifestyle, savings, etc.

How can the Mortgage Calculator help me?

This is a tool that allows you to input the house / lot package total price, the interest rate, the term etc. in order to analyze what the monthly payment is.  In the mortgage calculator below, there is an 'advanced calculator' option that allows for a complete set of input parameters.

Mortgage Calculator