Fieldstone Homes Debuts Exclusive New 'Buy Now. Lock Now.' Program
Local builder offering buyers chance to lock in mortgage rates - and take advantage of guaranteed construction timeline - 180 days.
DRAPER, Utah, March 29, 2019 /PRNewswire/ -- With interest rates steadily climbing during 2018, many prospective homebuyers took a step back from making what is likely their largest lifetime purchase. For homebuilders, overcoming this hesitance has been paramount, usually resulting in a variety of incentives meant to lure prospects off the proverbial fence.
Draper-based Fieldstone Homes has created a limited time opportunity to offer a unique solution to this problem. So unique, in fact, that no other builder in the state is offering anything like it. "For the first time in our history, we are offering a program that allows our buyers the opportunity to lock in their interest rate prior to building their homes," says Troy Gabler, President of Fieldstone Homes. "We've worked with our preferred lenders to develop this program, and give our buyers an opportunity they won't find elsewhere."
"This 'Buy Now. Lock Now.' program is huge because it means new home buyers don't have to sacrifice their dream of building a new home in order to take advantage of recent interest rate drops. The truth is that we don't know where rates will be in six months. With our program, our buyers can take advantage of locking today's 14-month low-interest rates, potentially saving thousands of dollars over the life of their loan, and then relax while we build the home they really want," Gabler adds.
In addition to locking in current interest rates, Fieldstone Homes is amplifying the value of their Buy Now Lock Now program by guaranteeing buyers' homes will be move-in ready within 180 days after the contract is approved, or pay the homeowner for each day they exceed 180 days – another game-changing initiative not traditionally seen in the homebuilding industry.
In an economic landscape where mortgage interest rates are fluctuating every day, nailing down financing for a new home has become increasingly stressful, complicated and frustrating. The level of uncertainty can be intimidating and make it hard for homebuyers to plan and budget to buy a new home. Fieldstone Homes hopes its "BUY NOW. LOCK NOW." program will help alleviate some of that stress and offer predictability.
A mortgage rate lock lets homebuyers freeze the current interest rate on a mortgage. So, if they "lock" now at 4.25 percent and the rates increase to 4.75 percent, their rate remains at 4.25 percent despite the increase. This allows them to purchase their home now without worrying about rates rising while they are building a new home.
"The bottom line is that we want to help people afford to buy the home of their dreams," says Gabler. "And while we're currently experiencing great interest rates, with the constant fluctuations no one expects that last long. This program is our way of easing buyer concerns about looming interest rate uncertainty. And with our 180-Day Construction Guarantee, they'll be able to move into their new Fieldstone home in just 6 months. It's a WIN-WIN proposition!"
For more information about the "BUY NOW. LOCK NOW." program or the 180-Day Construction Guarantee, contact Jonathan Williams at 801-750-4966 or [email protected].
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