Before You Buy, Understand the Whole Project

The home, land, financing and site work aren't separate decisions. They're parts of one project.

It's natural to focus on mortgage rates. Even a relatively small change in the interest rate can affect your monthly payment and how much home you can comfortably afford.

But don't make your decision based on the advertised rate alone.

When comparing financing, consider:

• Interest rate

• APR

• Fixed versus adjustable rate

• Loan term

• Required down payment

• Closing costs and lender fees

• Mortgage insurance, if applicable

• Construction-loan costs, when required

• Whether land and site improvements can be included

• Your total monthly payment

And remember: the lowest advertised rate isn't necessarily the best financing package for your project.

Rates also change frequently and vary according to the borrower, lender, loan program and type of property.

Rather than trying to time the market perfectly, focus on whether the total project and monthly payment work comfortably within your budget.

Gary doesn't set mortgage rates or make lending decisions, but he can help you understand how financing fits into the larger land-and-home project and connect you with lenders familiar with factory-built housing.

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